Industry committee  Thank you for your question. Honestly, I don't have a crystal ball, and I wouldn't dare give you an incorrect answer. That's one possibility. In our minds, it's important to ensure that what works well continues to work well. In our view, the entry of MasterCard and Visa into the Canadian debit market heralds some serious problems, especially if the use of direct costs is not regulated.

Finance committee  Thank you for your question. Honestly, I don't have a crystal ball, and I wouldn't dare give you an incorrect answer. That's one possibility. In our minds, it's important to ensure that what works well continues to work well. In our view, the entry of MasterCard and Visa into the Canadian debit market heralds some serious problems, especially if the use of direct costs is not regulated.

Industry committee  Thank you for your question, Mr. Vincent. It must be acknowledged that, currently, Canada definitely has the best debit card system we can hope for. The system works very well and is based on costs. The entry of MasterCard and Visa into that market will create a situation that cannot be justified in any way.

Finance committee  Thank you for your question, Mr. Vincent. It must be acknowledged that, currently, Canada definitely has the best debit card system we can hope for. The system works very well and is based on costs. The entry of MasterCard and Visa into that market will create a situation that cannot be justified in any way.

Industry committee  Thank you, Mr. Chairman. I'd like to supplement my colleague's answer to Mr. Garneau's question. It's a very important question. The factors that should be used to establish a reasonable profit should be determined. Your question is very relevant and is related to the need to establish a regulatory framework that will establish standards.

Finance committee  Thank you, Mr. Chairman. I'd like to supplement my colleague's answer to Mr. Garneau's question. It's a very important question. The factors that should be used to establish a reasonable profit should be determined. Your question is very relevant and is related to the need to establish a regulatory framework that will establish standards.

Industry committee  Thank you for the question, Mr. Bouchard. Mr. Chairman, the important thing here is the objective, and that is to ensure that we have a framework, whether it be by regulatory or legislative means or through a specific agency that would monitor the establishment and charging of costs.

Finance committee  Thank you for the question, Mr. Bouchard. Mr. Chairman, the important thing here is the objective, and that is to ensure that we have a framework, whether it be by regulatory or legislative means or through a specific agency that would monitor the establishment and charging of costs.

Industry committee  Thank you, Mr. Chairman. I believe we've quite clearly demonstrated that, in the current context, we have no bargaining power. In a situation of healthy competition—and I use the word “healthy” because it's important in the present circumstances—parties can negotiate and market forces can operate.

Finance committee  Thank you, Mr. Chairman. I believe we've quite clearly demonstrated that, in the current context, we have no bargaining power. In a situation of healthy competition—and I use the word “healthy” because it's important in the present circumstances—parties can negotiate and market forces can operate.

Industry committee  Thank you for the question, Mr. Laforest. Mr. Chairman, the approach that was adopted in Australia has definitely produced some results. However, on the one hand, it must be said that the studies that have been conducted to date have definitely not shown that there were negative effects on consumers or merchants.

Finance committee  Thank you for the question, Mr. Laforest. Mr. Chairman, the approach that was adopted in Australia has definitely produced some results. However, on the one hand, it must be said that the studies that have been conducted to date have definitely not shown that there were negative effects on consumers or merchants.

Industry committee  Now let's talk about debit cards. The debit card electronic payment system is one of the most successful globally. It is very popular with merchants and consumers. In can represent 60% of transactions for some food retailers. Interac is a non-profit association that reflects current processing costs.

Finance committee  Now let's talk about debit cards. The debit card electronic payment system is one of the most successful globally. It is very popular with merchants and consumers. In can represent 60% of transactions for some food retailers. Interac is a non-profit association that reflects current processing costs.

Industry committee  The credit card companies will probably tell you that consumers don't pay the interchange. In fact, I would like to remind the committee that a representative of the Mouvement Desjardins, which is both issuer and acquirer, told the Senate Committee on Banking and Commerce, and I quote: “Consumers always end up on the hook for all costs associated with the payment service.”