Industry committee  I think it would be better to put the question to someone in the restructuring field rather than to me.

Industry committee  I just want to add to Mr. Farrell's comments that, while you cannot be specific as to who these companies are for which you've requested the impacts, suffice it to say that once you fall out of the investment grade category, your access to liquidity becomes much more difficult, p

Industry committee  I didn't hear the last part of your question.

Industry committee  Mr. Garneau, if I could answer your question about the magnitude of the cost, I would just submit to you that the low end or the minuscule costs that you may have seen comes from people who do not understand and actively participate in the debt capital markets. I believe you hav

Industry committee  I'm talking specifically to Bill C-501.

Industry committee  I could give you analysis of what the OECD countries have, and who has what in there. Most of the countries referred to in her report are countries that sponsored defined contribution plans, not defined benefit plans. None of the major countries that sponsor defined benefit plans

Industry committee  I think it's somewhat misleading, to be quite honest. To my knowledge, there are no major countries that offer preferred creditor status to unfunded pension deficits. There are several countries that offer it, as we do in Canada, to the current employer service costs, any employe

Industry committee  Completely.

Industry committee  I'll try to answer that in French, but it's very specific to each organization. It will be costly for those at the bottom, what's called investment grade 3B, and that will be very, very specific. The cost is already estimated in a study conducted by PH&N on the impact on thes

Industry committee  In percentages, once again, we're talking about basis points. I don't want to go too far into the technical details, but I can say one thing: most credit agencies do their calculations based on current events. We included some charts in our submission. I'm going to use a good exa

Industry committee  And therein lies the inequity of what comes out of Bill C-501.

Industry committee  I would respond to that by saying, Ms. Sgro, that the best security that can be offered to pension plan participants is to maintain a healthy, financially sound sponsor or employer. That is the best protection you can offer. Canada offers some of the best protections already with

Industry committee  Thank you, Mr. Farrell. Thanks the committee for this opportunity to address you today. Simply put, elevating the creditor status of unfunded pension plan liabilities above unsecured creditors--which include most corporate bonds in Canada--would place an additional onerous burd