Thank you, Mr. Chair.
On the amendment, in principle, I support the original motion. I think the amendment has the effect of what the government decided to do last year. In the sense that that's an ultimate compromise, I suppose that's better than my preferred approach. On principle, I will support the original amendment.
I will just provide verbal notice of a motion:
That, with respect of Royal Bank of Canada’s purchase of HSBC Canada, the Committee call on the government to require an amount equal to no less than $100M be set aside in escrow for a period of 18 months to cover any fines, penalties or levies that may potentially be against HSBC Canada in connection with any current or future investigations by regulators or authorities under relevant legislation or regulations, including the Proceeds of Crime and Money Laundering Terrorist Financing Act.
I don't believe that it would be fair for the shareholders of RBC to be on the hook for potential actions taken by HSBC Canada prior to the merger. I suspect that there's already some amount of set-aside negotiated. I have no information in that respect, but I'm providing verbal notice of this motion as a way to make sure that taxpayers will get money if there were any wrongdoings by HSBC Canada prior to the transaction and that RBC shareholders aren't on the hook. By the way, shareholders include many Canadians through their pension funds, etc.