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Finance committee  Thanks, and good evening, everyone. We'll provide a very brief overview and then be happy to answer any questions. Part 5, division 5 relates to emergency lending assistance. Emergency lending assistance is a loan or advance to eligible financial institutions or financial mark

November 6th, 2017Committee meeting

Justin Brown

Finance committee  It's to allow the Bank of Canada to use mortgages as collateral in more meaningful quantities. Under the current policy, they would have to go to the local registry offices and register each individual mortgage, which would be time-consuming and might not meet the liquidity needs

November 6th, 2017Committee meeting

Justin Brown

Finance committee  Good afternoon. Part 6, division 2 proposes amendments to the Canada Deposit Insurance Corporation Act to modernize and enhance the Canadian deposit insurance framework. Deposit insurance is an important element of the financial safety net. It contributes to maintaining publi

May 8th, 2018Committee meeting

Justin Brown

Finance committee  Thank you, and good evening. Division 7 of part 6 proposes to amend the Payment Clearing and Settlement Act to implement a financial market infrastructure resolution framework so that the appropriate tool kit is in place in the unlikely event that a systemically important FMI f

May 8th, 2018Committee meeting

Justin Brown

Finance committee  They conduct three types of activities: payments, clearing, and settling. The specific FMIs we're referring to in this case have been designated by the Bank of Canada and reside in Canada. There are four of them. First, there is the large-value transfer system, which is the only

May 8th, 2018Committee meeting

Justin Brown

Finance committee  Thank you. We're here for part 4, division 3, subdivisions B and C. Perhaps I'll start with subdivision B, give an overview of each type of amendment, and then pause for questions. All of subdivision B relates to amendments to the Canada Deposit Insurance Corporation Act, or CD

November 5th, 2018Committee meeting

Justin Brown

Finance committee  The limit is specified under the CDIC Act. It's currently around $23 billion. It is indexed to the growth of insured deposits, so it does increase over time. Then, there's the Financial Administration Act, which has separate powers related to the minister's ability, for example

November 5th, 2018Committee meeting

Justin Brown

Finance committee  Currently, any money lent by the government to the CDIC under section 60.2 of the FAA would count towards CDIC's borrowing limit as specified under the law. The change proposes that any money that goes through section 60.2 of the FAA to the CDIC does not count towards its borrowi

November 5th, 2018Committee meeting

Justin Brown

Finance committee  Put in other words, yes. The legal language is more that the money does not count towards that limit. If their limit is $23 billion and they have already borrowed $23 billion, and the minister would like to lend money to CDIC in addition to that $23 billion, this would allow the

November 5th, 2018Committee meeting

Justin Brown

Finance committee  Section 60.2 of the FAA is considering extraordinary measures. The financial sector's framework as a whole—including CDIC's powers, but also looking at the Bank of Canada and the Office of the Superintendent of Financial Institutions—is sufficient for the normal course of busines

November 5th, 2018Committee meeting

Justin Brown

Finance committee  In the current framework, it has to meet the parameters of promoting financial stability or maintaining efficiency. In terms of process, it has to go to the Governor in Council.

November 5th, 2018Committee meeting

Justin Brown

Finance committee  We are also here for part 4, division 3, subdivision C. This relates to legally privileged information provided to the Office of the Superintendent of Financial Institutions, OSFI.

November 5th, 2018Committee meeting

Justin Brown

Finance committee  Yes, pardon me. I missed it for this one. It's clauses 167 to 173. It's amendments to different financial sector statutes. They would clarify that where a financial institution provides privileged information to OSFI, it does not waive any privilege with respect to this informat

November 5th, 2018Committee meeting

Justin Brown