Proceedings of the Standing Senate Committee on
Banking, Trade and
Commerce
Issue 9 - Minutes of Proceedings
OTTAWA, Tuesday, October 1, 1996
(15)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 10:00 a.m. in room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.
Members of the Committee present: The Honourable Senators Angus, Hervieux-Payette, P.C., Kenny, Kirby, Kolber, Meighen and Stewart. (7)
In attendance: From the Research Branch of the Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division.
Also present: The official reporters of the Senate.
WITNESSES:
From the Credit Union Central of Canada:
Mr. William Knight, Chief Executive Officer.
From the Canadian Bankers Association:
Mr. Gordon J. Feeney, Chairman, Executive Council, Canadian Bankers Association and Vice-Chairman, Royal Bank of Canada;
Mr. Raymond J. Protti, President and Chief Executive Officer;
Mr. Douglas W. Melville, Director, Commercial and Regulatory Affairs; and
Mr. David E. Phillips, Vice-President, General Counsel and Secretary.
From the Insurance Brokers Association of Canada:
Mr. Rod Jones, President;
Mr. Rick Frost, Chairman, Financial Institutions Committee;
Ms Joanne C. Brown, Executive Director; and
Mr. André Bois.
Pursuant to the Order of Reference adopted by the Senate on Thursday, March 21, 1996, the Committee resumed its examination into the state of the financial system in Canada and in particular its review of financial sector legislation.
Mr. William Knight made an opening statement and then answered questions.
Mr. Gordon J. Feeney made an opening statement and then, along with Messrs Raymond J. Protti and Douglas W. Melville, answered questions.
Mr. Rod Jones made an opening statement and then, along with Ms Joanne C. Brown, Messrs Rick Frost and André Bois, answered questions.
At 12:35 p.m., the Committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Tuesday, October 1, 1996 (16)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 2:05 p.m. in room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.
Members of the Committee present: The Honourable Senators Angus, Hervieux-Payette, P.C., Kenny, Kirby, Kolber, Meighen, Perrault, P.C. and Stewart. (8)
In attendance: From the Research Branch of the Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division.
Also present: The official reporters of the Senate.
WITNESSES:
From Norwest Financial, Inc:
Mr. John van Leeuwen, President, Trans Canada Credit Corporation;
Mr. Nick Scarfo, Assistant Vice-President and General Counsel, Trans Canada Credit Corporation;
Mr. Steve Wagner, Assistant General Counsel, 2Norwest Financial, Inc.; and
Mr. Richard C. Owens, Partner, Smith Lyons.
From the Capital One Financial Corporation:
Mr. David M. Willey, Vice-President and Treasurer;
Mr. Christopher T. Curtis, Associate General Counsel; and
Mr. Richard C. Owens, Partner, Smith Lyons.
From the Association des intermédiaires en assurance de personnes:
Ms Anne-Marie Beaudoin, Senior Counsel;
Mr. Alain Poirier, First Vice-President; and
Mr. Denis Savard, Chairman of the Board.
From the Canadian Institute of Actuaries:
Mr. Harry H. Panjer, President Elect;
Ms Claudette Cantin, Vice-President; and
Mr. Morris W. Chambers, Chairperson of the Task Force on Insurance Legislation.
From Beneficial Canada Inc:
Mr. Jean Bédard, Vice-President, General Counsel and Secretary.
From Avco Financial Services Canada:
Ms Diane Wolfenden, Director, Communications and Community Relations; and
Mr. Scott Furlonger, Vice-President and Controller.
From Household Financial Corporation:
Mr. Terry Cretney, Treasurer.
From the Canadian Association of Retired Persons:
Ms Lillian Morgenthau, President; and
Mr. Rolf Calhoun, Chapter Head.
From One Voice - The Canadian Seniors Network:
Mr. Robert Armstrong, Member, Issues Committee.
From Power Financial Corporation:
Mr. James W. Burns, Deputy Chairman of Power Corporation of Canada and Director of Power Financial Corporation; and
Mr. Edward Johnson, Vice-President, General Counsel and Secretary.
Pursuant to the Order of Reference adopted by the Senate on Thursday, March 21, 1996, the Committee resumed its examination into the state of the financial system in Canada and in particular its review of financial sector legislation.
Mr. John van Leeuwen and Mr. David M. Willey made opening statements and then, along with Messrs. Nick Scarfo, Steve Wagner, Christopher T. Curtis and Richard C. Owens, answered questions.
Mr. Denis Savard made an opening statement and then, along with Ms Anne-Marie Beaudoin, answered questions.
Mr. Harry H. Panjer made an opening statement and then, along with Mr. Morris W. Chambers, answered questions.
Mr. Jean Bédard, Mr.Terry Cretney and Ms. Diane Wolfenden made opening statements and then answered questions.
Ms Lillian Morgenthau and Mr. Robert Armstrong made opening statements and then answered questions.
Mr. James W. Burns made an opening statement and then answered questions.
At 6:00 p.m., the Committee adjourned to the call of the Chair.
ATTEST:
Paul Benoit
Clerk of the Committee