Finance committee  I'll ask my colleague Darren Hannah to answer, Mr. Wallace.

Finance committee  That's a very good question. Fortunately, that's not a question for me to answer. The government has created a transition office and, in a kind of opt-in basis, has invited those provinces that are interested to help design it. Mr. Hyndman, who was formerly with the B.C. Securi

Finance committee  Mr. McKay, as you know, and I guess as many people around the table would know, the position of the banking industry on the insurance rules is long-standing and it's well known. We have been of that position for quite some time. Our focus, of course, is on choice for consumers an

Finance committee  Good afternoon. My name is Terry Campbell. Accompanying me today is my colleague, Darren Hannah, Acting Vice-President of Banking Operations. We wish to thank the chair and members of the committee for providing us the opportunity to present our point of view. As you know, the

Industry committee  It was the card companies.

Finance committee  It was the card companies.

Industry committee  I would say that's primarily a question for the acquirers. I know you had them here the other day. They're the ones who put the machines on the desk. The basic thing is that it is more secure. It really is in the consumer's interest, because it's very traumatic to have your car

Industry committee  As you say, when you're renting it or leasing it, there's no cost to that merchant.

Industry committee  I would say there are two things. First, when you're comparing rates, the key point is precisely the point that you raise. For 70% of Canadians, the effective rate is zero. For Americans, that's a much smaller rate. To do a real card-by-card comparison, you have to look acros

Industry committee  We can do a comparison, but again, you have to bear in mind that they are very different markets. With U.S. cards, yes, you have an interest rate, but you have a whole bunch of other fees that you would not find here.

Finance committee  I would say that's primarily a question for the acquirers. I know you had them here the other day. They're the ones who put the machines on the desk. The basic thing is that it is more secure. It really is in the consumer's interest, because it's very traumatic to have your car

Finance committee  As you say, when you're renting it or leasing it, there's no cost to that merchant.

Finance committee  I would say there are two things. First, when you're comparing rates, the key point is precisely the point that you raise. For 70% of Canadians, the effective rate is zero. For Americans, that's a much smaller rate. To do a real card-by-card comparison, you have to look acros

Finance committee  We can do a comparison, but again, you have to bear in mind that they are very different markets. With U.S. cards, yes, you have an interest rate, but you have a whole bunch of other fees that you would not find here.

Industry committee  Maybe I can take a first stab, and I think some of our members would like to comment. First of all, I'd make two points. One is that there's a mix of costs and benefits across the system. As Ms. Hughes Anthony said in the opening comments, banks, individual customers, and merch