Thank you, Ms. Glover.
My apologies to all the women in the room; I should have noticed that myself and highlighted it, and of course that we have two parliamentary secretaries, both women, who sit on this committee, and that on a regular basis we depend highly on the women in the finance department. Our associate deputy minister is a woman, and many of our high-ranking officials in the Department of Finance are smarter than some of our guys, but we won't tell our guys that. Anyway, thank you.
We want to highlight some of the technical things. Prior to 1992 all banks were prohibited from owning any foreign subsidiary. In 1992 ministerial approval was granted to have oversight over that matter, but in 2001 the ministerial approval was removed and it was simply the Office of the Superintendent of Financial Institutions.
What we're doing is to make sure that we're bringing strong oversight back by providing oversight by the Minister of Finance. OSFI still looks at it to make sure that the transaction qualifies, but the Minister of Finance has the final say, and I would agree with Terry Campbell and the CBA that this is the proper oversight to have in this situation.