Finance Committee on May 28th, 2009

[The Co-Chair, Conservative, James Rajotte]

Thank you, Mr. Dechert.

To all of you, thank you for coming in. I know that you'll be responding to Mr. Rota's question. I've also been asked by Mr. Lake if we could get information on all of your low-interest cards--your list of your low-interest cards, the rates, and the qualifying conditions. If you could submit that to the clerk of the committee for members' information, we would appreciate it.

I do want to clarify two points. I think I know the answers, but....

Who proposed to first introduce premium cards? Was it the card issuers or was it the credit card companies?

[Terry Campbell]

It was the card companies.

[The Co-Chair, Conservative, James Rajotte]

Okay. It was the card companies.

The second one is just for clarification. How much of the interchange rate goes back to the credit card companies? Visa did give us an answer a couple of weeks ago, but perhaps we can just get a response on that today.

Ms. Hughes Anthony.

[Nancy Hughes Anthony]

Let us perhaps take that away, in the interests of time, and get back to you on that point.

[The Co-Chair, Conservative, James Rajotte]

Okay. Thank you.

Monsieur Carrier, you have a point of order.

[Robert Carrier, Bloc, Alfred-Pellan, QC]

The list of issues you referred to, for which you will be providing answers, will include the percentage of each bank's profits attributable to the issuance of credit cards.

[The Co-Chair, Conservative, James Rajotte]

Okay.

If could also get a response on that, I think that was Monsieur Carrier's question as well as Mr. Van Kesteren's.

Mr. McTeague.

[Dan McTeague, Liberal, Pickering—Scarborough East, ON]

Just for clarification, I want to determine, through you, Chair, whether we can receive, if it's at all possible, one way or another, the fees received from acquirers versus the fees that the banks get from acquirers. I'm not sure that was made clear. If I'm mistaken, I apologize.

I would make that request, if it's at all possible, through you, Chair.

[The Co-Chair, Conservative, James Rajotte]

So it's the fees received by the banks from acquirers...?

[Dan McTeague, Liberal, Pickering—Scarborough East, ON]

No, from acquirers to the banks; I'm wondering what those fees would be.

[A voice]

[Inaudible--Editor]

[Dan McTeague, Liberal, Pickering—Scarborough East, ON]

Chair, do you want me to respond? I think the record will show that in one of the responses....

I believe it was you, Ms. Hughes Anthony, who said that banks receive a fee from acquirers. Did you say that? Was I mistaken?

[Nancy Hughes Anthony]

It's not the case, Mr. McTeague, so if I did say that, it was in error, and I apologize for that.

[Dan McTeague, Liberal, Pickering—Scarborough East, ON]

Thank you.

Thank you, Mr. Chair.

[The Co-Chair, Conservative, James Rajotte]

Thank you.

Thank you for coming in, for your presentations, and for your responses to our questions today.

The meeting is adjourned.