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

Issue 55 - Minutes of Proceedings

OTTAWA, Thursday, June 10, 1999
(109)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 11:00 a.m. in Room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Angus, Austin, P.C., Callbeck, Hervieux-Payette, P.C., Kelleher, P.C., Kenny, Kirby, Kolber, Kroft, Meighen, Oliver and Tkachuk (12).

Other senator present: The Honourable Senator Di Nino (1).

In attendance: From the Parliamentary Research Branch, Library of Parliament: Ms June Dewetering, Research Officer, Economics Division and Mr. Marion Grobel, Research Officer, Economics Division.

Also present: The official reporters of the Senate.

On Bill C-78

APPEARING:

The Honourable Marcel Massé, P.C., M.P., President of the Treasury Board.

WITNESSES:

From the Treasury Board of Canada:

Ms Sharon G. Hamilton, Assistant Secretary, Secretariat, Pensions Division;

Mr. Alain Jolicoeur, Chief Human Resources Officer, Secretariat, Human Resources Branch;

Ms Joan Arnold, Director, Secretariat, Pensions Legislation Development.

On Bill C-67

APPEARING:

The Honourable Jim Peterson, P.C., M.P., Secretary of State (International Financial Institutions).

WITNESSES:

From the Department of Finance:

Mr. David Tobin, General Director, Financial Sector Policy Branch;

Mr. Charles Seeto, Director, Financial Sector Division;

Mr. Paul Berg-Dick, Director, Business Income Tax Division.

From the Office of the Superintendent of Financial Institutions:

Mr. John Thompson, Deputy Superintendent, Regulation Sector.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, June 2, 1999, the committee proceeded to study Bill C-78, An Act to establish the Public Sector Pension Investment Board, to amend the Public Service Superannuation Act, the Canadian Forces Superannuation Act, the Royal Canadian Mounted Police Superannuation Act, the Defence Services Pension Continuation Act, the Royal Canadian Mounted Police Pension Continuation Act, the Members of Parliament Retiring Allowances Act and the Canada Post Corporation Act and to make a consequential amendment to another Act. (See Issue No. 54, June 8, 1999, for the full text of the Order of Reference.)

The Honourable Marcel Massé made an opening statement and then, along with other witnesses, answered questions.

At 1:00 p.m., pursuant to the Order of Reference adopted by the Senate on Wednesday, June 2, 1999, the committee proceeded to study Bill C-67, An act to amend the Bank Act, the Winding-up and Restructuring Act and other Acts relating to financial institutions and to make consequential amendments to other Acts.

The Honourable Senators Kelleher and Meighen declared a conflict due to membership on the board of Schedule II Foreign Banks and withdrew.

The Honourable Senator Di Nino replaced the Honourable Senator Kelleher at 13:00.

It was moved by the Honourable Senator Austin -- That the letter from Mr. Gennaro Stammati be printed as an appendix to this day's Minutes of Proceedings (see Appendix 5900 B1/C-67, 55 "1").

The Honourable Jim Peterson made an opening statement and then, answered questions.

It was agreed, -- That Bill C-67 be adopted and reported to the Senate without amendment.

At 1:50 p.m., the committee adjourned to the call of the Chair.

ATTEST:

OTTAWA, Tuesday, June 15, 1999
(110)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 9:30 a.m. in Room 356-S, Centre Block, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Austin, P.C., Ferretti Barth, Fraser, Grafstein, Kelleher, P.C., Kirby, Kroft, Meighen, Oliver, Stollery and Tkachuk (11).

Other senators present: The Honourable Senators Cools and Stratton (2).

In attendance: From the Parliamentary Research Branch, Library of Parliament: Ms June Dewetering, Research Officer, Economics Division.

Also present: The official reporters of the Senate.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, June 2, 1999, the committee proceeded to study Bill C-78, An Act to establish the Public Sector Pension Investment Board, to amend the Public Service Superannuation Act, the Canadian Forces Superannuation Act, the Royal Canadian Mounted Police Superannuation Act, the Defence Services Pension Continuation Act, the Royal Canadian Mounted Police Pension Continuation Act, the Members of Parliament Retiring Allowances Act and the Canada Post Corporation Act and to make a consequential amendment to another Act. (see Issue No. 54, June 8, 1999, for the full text of the Order of Reference.)

It was agreed, -- That Bill C-78 be adopted and reported to the Senate without amendment but with observations.

Senator Austin moved -- That letters dated June 11 and June 14, 1999 from Daryl Bean, National President of the Public Service Alliance of Canada, be printed as an appendix to this day's Minutes of Proceedings (see Appendices 5900 B1/C-78, 55 "2" and 5900 B1/C-78, 55 "3").

At 10:00 a.m., the committee adjourned to the call of the Chair.

ATTEST:

Gary Levy

Clerk of the Committee