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

Issue 1 - Minutes of Proceedings - February 4, 2016

OTTAWA, Thursday, February 4, 2016


The Standing Senate Committee on Banking, Trade and Commerce met this day at 10:32 a.m., in room 9, Victoria Building, the chair, the Honourable David Tkachuk, presiding.

Members of the committee present: The Honourable Senators Bellemare, Black, Campbell, Greene, Maltais, Massicotte, Ringuette, Smith (Saurel), Tannas and Tkachuk (10).

In attendance: Brett Stuckey and Dylan Gowans, Analysts, Parliamentary Information and Research Services, Library of Parliament.

Also present: The official reporters of the Senate.

Pursuant to the order of reference adopted by the Senate on Wednesday, January27, 2016, the committee continued its study on the present state of the domestic and international financial system. (topic: The causes and effects of the recent decline in the Canadian dollar exchange rate)


BMO Financial Group:

Doug Porter, Chief Economist.

Canadian Imperial Bank of Commerce (CIBC):

Royce Mendes, Director and Senior Economist.

Desjardins Group:

Jimmy Jean, Senior Economist.

Royal Bank of Canada:

Dawn Desjardins, Vice President and Deputy Chief Economist.


Jean-François Perrault, Senior Vice President & Chief Economist.

TD Bank Financial Group:

Derek Burleton, Vice President and Deputy Chief Economist.

The chair made a statement.

Mr.Porter, Mr.Mendes, Mr.Jean, Ms.Desjardins, Mr.Perrault and Mr.Burleton made statements and answered questions.

At 12:17 p.m., the committee adjourned to the call of the chair.


Lynn Gordon

Clerk of the Committee