Industry committee  I'll start with the first question, and maybe some of my bank colleagues will wish to step in. Your first question, sir, was on the question of interchange and how it's set and all that. Again, you're absolutely right: you predicted that we will say that the banks do not set tha

Industry committee  Nancy, do you want to take the second one?

Finance committee  I'll start with the first question, and maybe some of my bank colleagues will wish to step in. Your first question, sir, was on the question of interchange and how it's set and all that. Again, you're absolutely right: you predicted that we will say that the banks do not set tha

Finance committee  Nancy, do you want to take the second one?

Industry committee  I'm going to have to speak in English. The Bank of Canada rate is literally an overnight rate. It only applies to that overnight settlement; that's literally all it is. As Ms. Hughes Anthony said, it's less than 1%. Let's look at credit card interest rates. A lot of people t

Finance committee  I'm going to have to speak in English. The Bank of Canada rate is literally an overnight rate. It only applies to that overnight settlement; that's literally all it is. As Ms. Hughes Anthony said, it's less than 1%. Let's look at credit card interest rates. A lot of people t

Industry committee  The term “premium card” tends to be used very generically. You could have a gold card or something. The premium card that I think is the focus here--

Industry committee  A chip card is a different issue entirely. The premium card that is targeted to very specific levels of customers but also attracts that somewhat higher interchange is the one, and that's the 9%.

Finance committee  The term “premium card” tends to be used very generically. You could have a gold card or something. The premium card that I think is the focus here--

Finance committee  A chip card is a different issue entirely. The premium card that is targeted to very specific levels of customers but also attracts that somewhat higher interchange is the one, and that's the 9%.

Industry committee  If I could make another comment regarding your point about the concerns that are out there and whether competitors could get together to at least deal with it, I would say that a lot of these issues are commercial matters between commercial entities. I think what you're hearing f

Finance committee  If I could make another comment regarding your point about the concerns that are out there and whether competitors could get together to at least deal with it, I would say that a lot of these issues are commercial matters between commercial entities. I think what you're hearing f

Industry committee  If I can clarify, Mr. McKay, the true premium cards are a relatively small part of the marketplace. I think they're under 10%, probably only about 9%. So while there is that 20 basis point increase, it's a small part of the whole portfolio, so that takes that down.

Industry committee  I don't have that information, but perhaps my colleagues do. It's still a relatively small part of the market.

Finance committee  If I can clarify, Mr. McKay, the true premium cards are a relatively small part of the marketplace. I think they're under 10%, probably only about 9%. So while there is that 20 basis point increase, it's a small part of the whole portfolio, so that takes that down.