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Finance committee Yes, indeed. We've looked at the variety of submissions that have been made. We're reviewing those submissions and preparing our recommendations.
May 1st, 2012Committee meeting
Jeremy Rudin
Finance committee We have published a summary and we're preparing to put the individual submissions on the website. To do that, we need to get permission from the individual submitters to share them. In some cases, submissions come from individuals who have based their submission on their specific
May 1st, 2012Committee meeting
Jeremy Rudin
Finance committee I would say we got a wide range of submissions. I'm going to hesitate to report on specific submissions until they're posted, although a number of organizations have probably put their view in the public domain. I think there was quite a wide range, from both individuals and orga
May 1st, 2012Committee meeting
Jeremy Rudin
Finance committee I would be happy to answer any questions at that time.
May 1st, 2012Committee meeting
Jeremy Rudin
Finance committee Thank you, Mr. Chairman. Thanks also for your invitation to speak to the committee on the topic of demutualization for federally regulated property and casualty insurance companies, or P and C companies, as we will refer to them for short. In my remarks I will begin by providing
May 1st, 2012Committee meeting
Jeremy Rudin
Finance committee No, I've think you've done a very good job of identifying the most important ones.
March 8th, 2012Committee meeting
Jeremy Rudin
Finance committee Yes, that is correct. That being said, we do not expect to be inundated by these requests. The 30-day period provides us with enough time to make our recommendation to the minister. As to the fear that it escapes the minister's attention, we have not had such an experience with
March 8th, 2012Committee meeting
Jeremy Rudin
Finance committee There are other aspects in the Bank Act that govern the superintendent's recommendation. The minister then makes his or her own decision and then grants approval or not within a 30-day period, otherwise the superintendent's recommendation is implemented. As the minister was sayin
March 8th, 2012Committee meeting
Jeremy Rudin
Finance committee Do you mean cases in which the superintendent is opposed to the transaction?
March 8th, 2012Committee meeting
Jeremy Rudin
Finance committee I'd be glad to respond. Just to pick up on the other part of your question, the government has made a number of changes in recent years, which were referred to when Minister Flaherty put out the press release about all the activity. There were new business powers for the Bank of
March 8th, 2012Committee meeting
Jeremy Rudin
Finance committee The changes to the CDIC Act really continue to improve that and deal with some technical issues that were raised in some of the earlier amendments.
March 8th, 2012Committee meeting
Jeremy Rudin
Finance committee That's fine. I don't have anything to add to what Minister Menzies said. But I can explain on cheque-cashing that it's really just to clarify the existing provision. We've long had a provision that required banks to cash government-issued cheques up to a certain size. The way it
March 8th, 2012Committee meeting
Jeremy Rudin
Finance committee Yes, indeed. So this threshold, which is going from $8 billion to $12 billion, was in the previous review raised from $5 billion to $8 billion.
March 8th, 2012Committee meeting
Jeremy Rudin
Finance committee Yes, I'd be glad to respond. Senators asked us to explain some of the substantive portions of the bill that Minister Menzies mentioned. The ministerial approval of foreign acquisitions was an issue they wanted to talk more about. They asked Minister Flaherty, who appeared befor
March 8th, 2012Committee meeting
Jeremy Rudin
Finance committee Sure, I'd be glad to. The Minister of Finance, Minister Flaherty, launched the review by putting a press release on the Department of Finance website inviting all interested Canadians to make a submission, noting that this was part of the regular process of updating the financia
March 8th, 2012Committee meeting
Jeremy Rudin