Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 8 - Minutes of Proceedings - December 14, 2011

OTTAWA, Wednesday, December 14, 2011
(18)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 4:30 p.m., in room 9, Victoria Building, the Chair, the Honourable Michael A. Meighen, presiding.

Members of the committee present: The Honourable Senators Campbell, Gerstein, Greene, Losier-Cool, Massicotte, Meighen, Moore, Oliver, Smith (Saurel), Stewart Olsen and Tkachuk (11).

In attendance: John Bulmer, June Dewetering and Adriane Yong, Analysts, Parliamentary Information and Research Service, Library of Parliament.

Also in attendance: The official reporters of the Senate.

Pursuant to the order of reference adopted by the Senate on Tuesday, December 6, 2011, the committee continued its examination of Bill S-5, An Act to amend the law governing financial institutions and to provide for related and consequential matters. (For complete text of the order of reference, see proceedings of the committee, Issue No. 7.)

WITNESSES:

Canadian Bankers Association:

Terry Campbell, President;

Marina Mandal, Senior Legal Counsel.

Canadian Payments Association:

Guy Legault, President and CEO;

Penny-Lynn McPherson, Vice-President, General Counsel and Corporate Secretary.

The chair made an opening statement.

Mr. Campbell and Mr. Legault each made a statement, and, together with Ms. Mandal and Ms. McPherson, answered questions.

At 5:40 p.m., the committee adjourned to the call of the chair.

ATTEST:

Adam Thompson

Clerk of the Committee