Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce
Issue 7 - Minutes of Proceedings
OTTAWA, Wednesday, November 27, 2002
(13)
[English]
The Standing Senate committee on Banking, Trade and Commerce met at 4:05 p.m. this day, in room 505, Victoria Building, the Chair, the Honourable Senator Kolber, presiding.
Members of the committee present: The Honourable Senators Angus, Hervieux-Payette, P.C., Kelleher, P.C., Kinsella, Kolber, Kroft, Meighen, Prud'homme, P.C., Setlakwe and Tkachuk (10).
Other senators present: The Honourable Senators Mahovlich and Oliver (2).
In attendance: From the Parliamentary Research Branch, Library of Parliament, Economic Division: Ms. June Dewetering, Acting Principal.
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 continued its examination into the public interest implications for large bank mergers. (See Issue No. 5, November 25, 2002, for full text of the Order of Reference.)
WITNESSES:
From BMO Financial Group:
Mr. Tony Comper, Chairman and Chief Executive Officer;
Ms. Karen Maidment, Executive Vice-President and Chief Financial Officer;
Mr. Tim O'Neill, Executive Vice-President and Chief Economist.
From Canaccord Capital:
Mr. Michael G. Greenwood, President and Chief Operating Officer.
From Concordia University:
Mr. James McIntosh, Professor of Economics, Economics Department.
Mr. Comper made a statement and with the other witnesses from the BMO Financial Group answered questions.
Mr. Greenwood from Canaccord Capital made a statement and answered questions.
Professor McIntosh made a statement and answered questions.
At 6:55 p.m. the committee continued in camera pursuant to rule 92(2)(e) for the purpose of considering a draft budget.
The committee agreed to the following budget for legislation for the fiscal year ending March 31, 2003:
Summary of expenditures
|
Professional and Other Services |
$ 16,500 |
|
Transportation and communications |
$ 7,500 |
|
Other Expenditures |
$ 2,500 |
|
Total |
$ 26,500 |
The committee agreed to the following budget for the fiscal year ending March 31, 2003, for its special study on the present state of the domestic and international financial system.
Summary of expenditures
|
Professional and Other Services |
$ 93,000 |
|
Transportation and communications |
$ 92,000 |
Other Expenditures |
$ 10,000 |
|
Total |
$ 195,000 |
The committee agreed to the following budget for the fiscal year ending March 31, 2003, for its special study on the administration and operation of the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act.
Summary of expenditures
|
Professional and Other Services |
$ 8,000 |
|
Transportation and communications |
$ 0 |
Other Expenditures |
$ 2,000 |
|
Total |
$ 10,000 |
The committee agreed to the following budget for the fiscal year ending March 31, 2003, for its special study the public interest implications for large bank mergers.
Summary of expenditures
|
Professional and Other Services |
$ 3,000 |
|
Transportation and communications |
$ 0 |
|
Other Expenditures |
$ 2,000 |
|
Total |
$ 5,000 |
At 7:05 p.m., the committee adjourned to the call of the Chair.
ATTEST:
Denis Robert
Clerk of the Committee