Evidence of meeting #21 for Finance in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was information.
A video is available from Parliament.
Liberal
The Chair Liberal Peter Fonseca
Thank you, MP Chambers.
Mr. Clerk, let me know if we have unanimous consent.
Liberal
Conservative
Adam Chambers Conservative Simcoe North, ON
No, it was just for the Bloc and the NDP, since they always get shortened—
Conservative
Adam Chambers Conservative Simcoe North, ON
They have final comments.
I have circulated the updated motion for everyone in their P9s, so it is available for us to review as the final comments come in.
Liberal
The Chair Liberal Peter Fonseca
Thank you.
MP Ste-Marie, do you have any final comments? Then we'll have MP Blaikie again, with final comments.
Bloc
Gabriel Ste-Marie Bloc Joliette, QC
I have a quick question for Ms. Jacques.
How were financial institutions informed of the order after it was issued? I'm thinking in particular of the major banks, such as the Toronto‑Dominion Bank, but also of financial co‑operatives, such as the Desjardins Group.
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
The major banks were aware of the order. We contacted the financial institutions, including the Desjardins Group, to discuss the order and to answer their questions regarding the implementation of the new measures.
Bloc
Gabriel Ste-Marie Bloc Joliette, QC
The major banks and other financial institutions such as the Desjardins Group had enough time to ask their questions. Is that right?
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
Yes, exactly.
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
My pleasure.
Liberal
NDP
Daniel Blaikie NDP Elmwood—Transcona, MB
Following up in that same spirit, for folks who bank with financial institutions like the credit unions out here on the Prairies, what opportunity would smaller financial institutions have had to get clarity on what their obligations are and how to act appropriately under the orders?
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
We had a similar discussion last week. Julien can correct me if I'm wrong, but I think we had over 620 people participating in an information session. We answered questions they had on the application of the order. They were provided with—
NDP
Daniel Blaikie NDP Elmwood—Transcona, MB
That would have been made available to credit unions across the country, in addition to big banks.
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
Yes, it was made available, absolutely. We had a lot of people interested in asking questions.
Liberal
The Chair Liberal Peter Fonseca
Thank you, MP Blaikie. We had great questions and answers.
This is now the opportunity to thank the witnesses for coming before us as we study the Emergencies Act, and for all the great testimony. On behalf of the members, the clerk, the analysts, the interpreters, the staff and everyone else—I hope I have not forgotten anybody—thank you for being with us here today. You are free to go at this time.
Okay, the witnesses are gone.
Listen, members, I apologize wholeheartedly for this. I know I've been holding my phone this whole time and jiggling around and trying to keep it as steady as possible.
We do have MP Chambers' motion.
MP Chambers, do you want to discuss your motion?
Conservative
Adam Chambers Conservative Simcoe North, ON
Yes. Thank you very much, Mr. Chair. You did a fantastic job under the circumstances. I know that Mr. Ste-Marie would have done an excellent job, but we're glad you were able to rejoin us.
I did circulate an updated motion. It reflects comments from all parties, and that is certainly welcomed in the spirit of collaboration, of course. We're trying to move quickly, but I can read it into the record. It is shorter, which is nice.
Liberal
