Industry committee  Well, I guess I'd say a couple of things. First of all, retailers do bear some of the cost, there's no question about that, but a lot of the cost for security and so on is funded by other parts. It's funded by the spread. So the costs are shared all the way around, but I take you

Industry committee  Is this something you'd like to talk about? My colleague, Mr. Revell.

Industry committee  Maybe Dave could help me out here, but the main focus is what the banks have been building over time. And it's where we are now, and we want to extend that. It's called defence in depth. That's the strategy, and it's a layered approach on security. What it is, you have both the f

Industry committee  I'm not so sure.

Industry committee  Yes, it's my turn with the violin. I'd like to take just a moment, Mr. Chair.

Industry committee  If we learned one thing during the financial crisis, it's that you cannot ever take prudence and security and safety for granted. It's absolutely critical. It's also true in the payment system. In the payment system, the bad guys are always trying to get ahead of you. The costs o

Industry committee  First of all, I would say--and I say this with a lot of respect for Diane, because she does great work for her constituency--there is a lot of exaggeration and hyping up on the cost side. I invite you to consider the benefits that accrue to retailers and businesses with a payment

Industry committee  First of all, I should say I'm deeply sympathetic to Diane. Lightning strikes twice for you, but there we go.

Industry committee  I am sympathetic. Diane and I actually have a lot of good conversations on things. Let me say a couple of things. First of all, on the code--Diane mentioned the code, because it relates to a lot of these issues--we think the government did a very good job on the code. We thought

Industry committee  Thank you very much. I'd like to update Mr. Revell's title. He just got a new job. He's also doing two jobs at once—the senior vice-president and chief information officer of retail and business banking at CIBC. Outside of his banking hours, he spends a lot of time supporting te

Finance committee  Sure. I hope I didn't make too much of a face, because I certainly respect Mr. Jackson's work.

Finance committee  It was maybe just a raised eyebrow. As Mr. Jackson said, reasonable people can have reasonable discussions about this. On the PRPP, I may make about three or four points. A comment was made that there are high costs. In fact, the PRPP is designed, by definition, to be low cost

Finance committee  One thing I have learned as I've gone through the public policy world on both sides of the fence—I used to be in the government and I'm in the private sector now—is to be aware of the law of unintended consequences. A worry is that if you establish, say, an insurance fund against

Finance committee  I understand the case of Earl Jones. I would say in the case of Earl Jones, and I go back to the point I made originally.... As I understand the facts, this was an individual who was operating completely outside the regulatory system based on a system of personal trust, which he

Finance committee  I am sorry, but I will have to speak in English. Fraud is an issue, and it has many forms in the financial sector. The bad guys are out there and they're very motivated to do bad things, and we are always trying to stay one step ahead of that. The challenge with fraud, and I thi