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

Issue 25 - Minutes of Proceedings

TORONTO, Thursday, July 30, 1998
(43)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 9:00 a.m. in Alpine II Room, Sheraton Gateway Hotel, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Angus, Callbeck, Hervieux-Payette, P.C., Kelleher, P.C., Kenny, Kirby, Kolber, Meighen, Oliver and Tkachuk (10).

Other senator present: The Honourable Senator Eyton (1).

In attendance: From the Parliamentary Research Branch, Library of Parliament: Mr. Gerry Goldstein, Director Economics Division.

Also present: The official reporters of the Senate.

WITNESSES:

From the Canadian Finance and Leasing Association:

David Powell, President; and

Tom A. Simmons, member of Newcourt Credit Group.

From the Bank of Nova Scotia:

Dieter W. Jentsch, Senior Vice-President.

From the Royal Bank of Canada:

Charles S. Coffey, Executive Vice-President.

From the CIBC:

Kelly Shaughnessy, Senior Vice-President of International Audit and Corporate Security and former Senior Vice-President of Small Business; and

Robert J. Paterson, General Manager, Small Business Banking.

From the Hongkong Bank of Canada:

Jim Howden, Senior Vice-President, Risk Management and Credit Services.

From the Canadian Federation of Independent Business:

Brien G. Gray, Senior Vice-President, Policy and Legislation.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, October 22, 1997, the committee resumed its examination into the state of the financial system in Canada and in particular its study of Small Business Loans Act. (See Issue No. 1, October 23, 1997, for the full text of the Order of Reference.)

Messrs Powell and Simmons made opening statements and then answered questions.

Mr. Jentsch made an opening statement and then answered questions.

Mr. Coffey made an opening statement and then answered questions.

Mr. Shaughnessy made an opening statement and then, along with Mr. Paterson, answered questions.

Mr. Howden made an opening statement and then answered questions.

Mr. Gray made an opening statement and then answered questions.

At 12:40 p.m. the committee adjourned to the call of the Chair.

ATTEST:

TORONTO, Thursday, July 30, 1998
(44)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 1:20 p.m. in Alpine II Room, Sheraton Gateway Hotel, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Angus, Callbeck, Hervieux-Payette, P.C., Kelleher, P.C., Kenny, Kirby, Kolber, Meighen, Oliver and Tkachuk (10).

In attendance: From the Parliamentary Research Branch, Library of Parliament: Mr. Gerry Goldstein, Director Economics Division.

Also present: The official reporters of the Senate.

WITNESSES:

From the Common Ground Consulting Inc.:

Flo Frank.

From the Niagara Enterprise Agency:

Glenn D. Stansfield, Chief Executive Officer.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, October 22, 1997, the committee resumed its examination into the state of the financial system in Canada and in particular its study of Small Business Loans Act. (See Issue No. 1, October 23, 1997, for the full text of the Order of Reference.)

Mr. Frank made an opening statement and then answered questions.

Mr. Stansfield made an opening statement and then answered questions.

It was agreed -- THAT minutes from the fact-finding meetings held in Charlottetown, July 6, Halifax, July 7, Montreal, July 15, Calgary, July 16 and Vancouver, July 17, 1998, be appended to the proceedings for July 30, 1998.

The committee proceeded, in camera, to discuss future business.

At 3:00 p.m., the committee adjourned to the call of the Chair.

ATTEST:

Gary Levy

Clerk of the Committee