Thank you very much, Chair.
Good morning, and thank you for your presentation.
It's our understanding that, for the most part, we don't have too controversial a bill here, that mostly it's housekeeping. It's introducing quite a number of changes, but they're small and hopefully positive, for the most part. At this point, we're not seeing this as anything to get ourselves all twisted up about. In fact, if everything holds up, this should be a fairly smooth process.
However, I do have a couple of questions. Obviously there's the concern we've raised around ATMs and the fees being charged to citizens. Any time we see something here, as we're noting, that gives to a bank a benefit that doesn't exist right now in some fashion, then we'd at least like a clarification.
Now, I think I understand exactly what's happening, but let me just briefly read what we have and then you can comment. I would quote to you, from the summary of the bill, the following:
Business Arrangements: provides transitional GST/HST relief on the initial asset transfer by a foreign bank that restructures its Canadian subsidiary into a Canadian branch;
Can somebody give that to me in ordinary language, please, so that I know exactly what's happening there?