Finance committee  Thank you, Mr. Chair. The proposed legislation contained in part 4, division 4, of Bill C-15 amends certain provisions of the Bank Act relating to federal credit unions. The government is acting to address the unique transitional risks credit unions entering the federal framewor

Finance committee  Actually there has not yet been a federal credit union that exists. There is one formal applicant before the government right now, the Caisses populaires acadiennes, soon to be renamed Uni Coopération financière. They will be the first federal credit union.

Finance committee  Actually I don't have the specific data at my fingertips. However, I can say the provincial system has been quite adaptable at consolidating credit unions. When they face trouble, stronger credit unions often pick up smaller credit unions. Really there's been a reduction by the h

Finance committee  From a solvency point of view, the risk is lower. Given that most credit unions, whether they're provincial or federal, would be engaged in what we would call plain vanilla activities, taking savings, simple loans, and credit; they're not involved in risky capital markets activit

Finance committee  In this case, there's no direct fiscal provisioning required on a loan guarantee. Given the nature of the loan guarantee that supports, there is a Treasury Board guideline and a history of the federal government providing loan guarantees. There's a lot of threshold before this ca

Finance committee  I think that question is beyond my remit to answer.

Finance committee  Provincial credit unions are largely managed through their deposit insurance arm and in some cases, there are two entities. And where they may have been cost-borne, it could have been in their deposit insurance fund. I'm not aware of statistics that attribute back to what the fis

Finance committee  The development of the federal credit union framework has taken almost a decade to put in place, given the demands of the sector wanting a federal option to be able to grow regionally or nationally. The government and Parliament have responded over the years of developing this fr

Finance committee  It's correct. Mr. Chair, I had a statement, if you wanted me to read it, at the—

Finance committee  It does, in fact, answer the question. I will start with that by saying yes, all deposits are out of the bail-in regime, and they're not contemplated here in any way. I'm happy to answer questions in that regard. As a quick summary, the proposed amendments in part 4, division 5,

Finance committee  Let me clarify for the record that it's the Department of Finance, the Minister of Finance, consultation paper on bail-in, although we work very collaboratively with all agencies going back internationally. It is quite correct that there are already existing instruments that are

Finance committee  Thank you for the questions. Let me start by saying that the whole concept here enshrined in legislation is long-term debt, which basically means bonds, creditors, investors—the whole concept. Also in the concept is that a systemic bank keep operating. In order to keep operating

Finance committee  Yes, Mr. Chair. Thank you. While I provided an introductory comment at my previous experience on Tuesday, May 10, I thought a quick recap of part 4, division 5, of Bill C-15 would be helpful. The proposed amendments in part 4, division 5, provide a legislative framework for a b

Finance committee  A systemically important bank is a categorization and a nomination by the Superintendent of Financial Institutions. The superintendent, under law, will have the power to nominate or declare which institutions are deemed to be systemically important. In Canada, the superintendent

Finance committee  Institutions that are deemed to be systemically important basically attract a whole host of additional supervisory and regulatory oversight, which includes additional capital, constraints on risk management, and overall supervision. Really, they attract even more than just the ad