When it's translated it will be distributed, yes.
Thank you, sir.
You're dismissed, panel. Thank you.
To the committee members, I'd ask you to remain for a moment.
First of all, on a housekeeping item, we'll have lunch available at 12:30 for committee members and staff. I would encourage those who are not committee members and staff to make sure they wait until the former have had their lunch, because we're going to endeavour to deal with the report following the second panel's presentations.
To committee members, this Thursday the House of Commons finance committee will begin its review of the Bank Act. This is an important undertaking, and it's my sincere hope that the work of the committee in this, as in all of its undertakings, be given the serious consideration it merits.
As your chair, it is my wish to maximize both the efficiency and the effectiveness of your work. I know that none of us would wish to call into question the integrity of the work we do here. For that reason, I will be removing myself as your chair for the duration of the consideration of Bill C-7.
As I have previously disclosed to you and to the clerk, my family has a controlling interest in two companies that place insurance contracts of various types. I have consulted with the Ethics Commissioner's office. I have consulted with you, and I thank you for your input. I appreciate it very much.
The contentious topic of banks marketing insurance products will most certainly be raised at some point during your deliberations. This issue relates directly to companies in which I and my spouse have controlling interests. Although the impact of such changes as proposed is uncertain, there is no doubt that my participation in the discussions could potentially lead to accusations of conflict of interest and therefore have the effect of discrediting the work that we as a committee must undertake to do. As your chair, I cannot allow that to happen.
I thank the committee members for their support and their encouragement and advice during the difficult period of considering this issue. I believe this course of action is the correct one, and I believe this decision has come about because of your input to me and to my family.
I also want to thank Massimo, our vice-chair, for agreeing to take on the chairmanship during the committee's deliberation of the Bank Act.
I wish the committee great success in this important review, and I look forward to resuming our work together following the completion of your report.
We will recess for two minutes while the second panel comes forward.