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Declaration of Emergency committee  We'd be more comfortable with a list. Perhaps I may add, Mr. Chair, to when I was interrupted earlier, when I was asked if these actions caused a decline in trust in the system, I answered “yes, but”, and was cut off.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  Yes, in those very early days, of course there was panic. People didn't know what the orders meant. They didn't know if their account was going to be frozen or not. But that didn't last very long. Eventually, and after not very many days, in fact, a week or two, the very targeted and narrow nature of these orders became clear, to such a degree that today I would surmise that the impact on trust in the system is negligible or non-existent.

November 17th, 2022Committee meeting

Michael Hatch

November 17th, 2022Committee meeting

Michael Hatch

November 17th, 2022Committee meeting

Michael Hatch

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  At the time, yes, but the—

November 17th, 2022Committee meeting

Michael Hatch

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  It's also correct with us, yes.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  Do you mean freezing accounts for such insignificant activity?

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  No, of course not.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  Yes, we shared it only on a very secure, members-only online channel.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  Yes, I don't have the precise numbers, but again, there were only 10 in total. Some if not most of those would have come from the list, but not all of them.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  I don't know the answer to that question, but I'm happy to get back to you.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  That's no difference from our experience. That is correct.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  I would echo what my colleague said: clear communication not on day one but on minute one. This was a minute-by-minute, hour-by-hour crisis and in the world of banking, you never want to use the R-word, the run. There was nothing like that, but there were whispers that people were starting to show up making large withdrawals in those key early days—the Monday and the Tuesday of that week—before it became clear later that week, because it was not yet clear.

November 17th, 2022Committee meeting

Michael Hatch