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

Issue 5 - Minutes of Proceedings

OTTAWA, Monday, November 25, 2002
(10)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met at 11 a.m. this day, in room 505, Victoria Building, the Chair, the Honourable Senator Kolber, presiding.

Members of the committee present: The Honourable Senators Angus, Banks, Cook, Day, Fraser, Hubley, Kelleher, P.C., Kolber, Kroft, Meighen, Oliver, Prud'homme, P.C., Setlakwe, Stollery and Tkachuk (15).

In attendance: From the Parliamentary Research Branch, Library of Parliament, Economic Division: Ms. June Dewetering, Acting Principal and Mr. Marc-André Pigeon, Researcher.

Also in attendance: The official reporters of the Senate.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, November 6, 2002, the committee began its examination into the public interest implications for large bank mergers.

WITNESSES:

From the Department of Finance:

Mr. Gerry Salembier, Director, Financial Institutions Division, Financial Sector Policy Branch;

Ms. Colleen Barnes, Chief, Competition Issues and Transactions, Financial Institutions Division;

Ms. Rhoda Attwood, General Counsel, General Legal Services.

From the Competition Bureau:

Mr. Gaston Jorré, Senior Deputy Commissioner of Competition, Mergers Branch;

Mr. Richard Annan, Major Case Director and Strategic Policy Advisor, Mergers Branch;

Mr. Gerry Birks, Senior Competition Law Officer, Mergers Branch.

From the RBC Financial Group:

Mr. Gordon M. Nixon, President and Chief Executive Officer;

Mr. Peter W. Currie, Vice-Chairman and Chief Financial Officer;

Ms. Elisabetta Bigsby, Senior Executive Vice President, Human Resources and Public Affairs.

From Scotiabank:

Mr. Peter Godsoe, Chairman and Chief Executive Officer

From the Canadian Imperial Bank of Commerce:

Mr. John Hunkin, Chairman and Chief Executive Officer.

From the Canadian Federation of Independent Business:

Mr. Garth Whyte, Executive Vice-President;

Mr. Brien G. Gray, Senior Vice-President, Field Operations.

From the TD Bank Financial Group:

Mr. Edmund Clark, President and Chief Operating Officer.

The Honourable Senators Tkachuk and Angus made statements.

The witnesses from the Department of Finance answered questions.

Mr. Jorré and Mr. Annan made a statement and with Mr. Birks answered questions.

The committee suspended its meeting at 1:40 p.m.

The committee resumed its meeting at 2 p.m.

Mr. Nixon made a statement and with the other witnesses from RBC Financial Group answered questions.

Mr. Godsoe from Scotiabank made a statement and answered questions.

Mr. Hunkin from the Canadian Imperial Bank of Commerce made statement and answered questions.

Mr. Whyte and Mr. Gray made a statement and answered questions.

The committee suspended its meeting at 6:15 p.m.

The committee resumed its meeting at 8 p.m.

Mr. Clark from TD Bank Financial Group made a statement and answered questions.

At 8:55 p.m., the committee adjourned to the call of the Chair.

ATTEST:

Denis Robert

Clerk of the Committee