Mr. Speaker, international banks promised to buy back the non-bank commercial paper they had issued, in the event of a general market disruption. Fernand Perreault, former president and CEO of the Caisse de dépôt et placement du Québec, said that his organization had asked the Office of the Superintendent of Financial Institutions repeatedly to declare such a disruption in order to force banks to respect their commitments, but to no avail.
How can the Minister of Finance explain that the Superintendent of Financial Institutions sat back and did nothing to help that organization recover the $13 billion invested in commercial paper?