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

Issue 36 - Minutes of Proceedings

TORONTO, Monday, November 2, 1998
(71)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 9:00 a.m. in the Royal Sutton Ballroom, Sutton Place Hotel, Toronto, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Austin, P.C., Callbeck, Joyal, P.C., Kelleher, P.C., Kirby, Kolber and Oliver (7).

Other senators present: The Honourable Senators Di Nino and Poy (2).

In attendance: From the Parliamentary Research Branch, Library of Parliament: Mr. Gerry Goldstein, Director Economics Division and Ms Margaret Smith, Research Officer, Law and Government Division.

Also present: The official reporters of the Senate.

WITNESSES:

From the Canadian Deposit Insurance Corp.:

Mr. Grant Reuber, Chairman of the Board; and

Mr. Jean-Pierre Sabourin, President and Chief Executive Officer.

From the Ontario Securities Commission:

Mr. David Brown, Chair.

From the Canadian Vehicle Manufacturers' Association and the Association of International Automobile Manufacturers of Canada:

Mr. David Adams, Secretary and Director, Policy Development;

Mr. Andrew L. Menzyk, President, Canadian Credit Operations, Ford Credit Canada Limited;

Mr. Mark A. Nantais, President, Canadian Vehicle Manufacturers' Association;

Mr. Brian D. Vasey, Vice-President and General Manager, Nissan Canada Finance Inc.; and

Ms V.M. (Maureen) Kempston Darkes, President and General Manager, General Motors of Canada Limited.

As an individual:

Mr. W.J. Cara.

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 the Task Force on the Future of the Canadian Financial Services Sector. (See Issue No. 1, October 23, 1997, for the full text of the Order of Reference.)

Mr. Reuber made an opening statement and then, along with Mr. Sabourin, answered questions.

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

Ms Kempston Darkes made an opening statement and then, along with other witnesses, answered questions.

Mr. Cara made an opening statement and then answered quesitons.

At 12:30 p.m., the committee adjourned to the call of the Chair.

ATTEST:

TORONTO, Monday, November 2, 1998
(72)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 1:00 p.m. in the Royal Sutton Ballroom, Sutton Place Hotel, Toronto, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Austin, P.C., Callbeck, Joyal, P.C., Kelleher, P.C., Kirby, Kolber, Kroft, Oliver and Tkachuk. (9)

Other senators present: The Honourable Senators Di Nino and Poy.

In attendance: From the Parliamentary Research Branch, Library of Parliament: Mr. Gerry Goldstein, Director Economics Division and Ms Margaret Smith, Research Officer, Law and Government Division.

Also present: The official reporters of the Senate.

WITNESSES:

From the Toronto-Dominion Bank:

Mr. A. Charles Baillie, Chairman and Chief Executive Officer; and

Mr. Stephen McDonald, Vice Chairman, Group Administration.

From the Investment Dealers Association of Canada:

Mr. Joseph Oliver, President and Chief Executive Officer; and

Mr. Ian Russell, Senior Vice-President, Capital Markets.

From The Canada Life Assurance Company:

Mr. David A. Nield, Chairman, President and Chief Executive Officer.

From the Task Force on Churches and Corporate Responsibility:

Mr. Bill Davis.

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 the Task Force on the Future of the Canadian Financial Services Sector. (See Issue No. 1, October 23, 1997, for the full text of the Order of Reference.)

Mr. Baillie made an opening statement and then, along with Mr. McDonald, answered questions.

Mr. Oliver made an opening statement and then, along with Mr. Russell, answered questions.

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

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

At 5:30 p.m., the committee adjourned to the call of the Chair.

ATTEST:

Gary Levy

Clerk of the Committee