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

Issue 24 - Minutes of Proceedings

OTTAWA, Tuesday, March 18, 1997
(46)

[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, De Bané, P.C., Hervieux-Payette, P.C., Kelleher, P.C., Kirby, Kolber, Oliver and Stewart. (8)

Other senator present: The Honourable Senator Grafstein.

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 Bank of Canada:

Mr. Gordon Thiessen, Governor;

Ms Sheryl Kennedy, Deputy Governor; and

Mr. Charles Freedman, Deputy Governor.

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. (See Issue No. 1, March 26, 1996, for the full text of the Order of Reference.)

Mr. Thiessen made an opening statement and then, along with Ms Kennedy and Mr. Freedman, answered questions.

At 11:50 a.m., the committee adjourned to the call of the Chair.

Attached as an appendix to this day's proceedings is the transcript of two days of fact-finding meetings which the committee held in London, England, on Thursday, November 21, 1996 and Friday, November 22, 1996 on the issue of joint and several liability. The committee's Interim Report on the same subject, presented in the Senate on December 18, 1996, is also appended.

ATTEST:

Paul Benoit

Clerk of the Committee