I call this meeting to order, the 38th meeting of the Standing Committee on Finance.
Pursuant to Standing Order 108(2), we are continuing our study on measures to enhance credit availability and the stability of the Canadian financial system. We are focusing on Nortel.
We have two panels here this morning, colleagues. First, we have a panel from Nortel Networks Corporation represented by the president and CEO, Mike Zafirovski, and Counsel Derek Tay from 9 a.m. to 10 a.m. From 10 a.m. to 11 a.m., we have persons representing pensioners for an hour as well.
I remind colleagues and all those interested in these hearings that the committee did adopt a motion on June 2 dealing with employment stock options, Mr. Mulcair's motion. There will be a report back to the committee by the Department of Finance in July, I believe. This is to deal with our study on credit availability and dealing with the pension issue, which is a subset of that study.
For the first hour this morning we have the president and CEO. Mr. Zafirovski, I understand you have a ten-minute opening statement and then we will go to questions from members.
Please begin.