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  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  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  That's really the right question. Financial literacy and digital literacy go across the whole spectrum here, and they're absolutely critical. We're very active. We think what Minister Flaherty is doing on financial literacy is great. We are strongly supportive of that. But that's

Industry committee  I appreciate that.

Finance committee  Thank you, Mr. Chair. We are pleased to provide the banking industry's comments on the Financial System Review Act. We believe strongly in the importance of insuring that the legislative and regulatory framework is reviewed regularly, and for that reason, we were pleased to see

Finance committee  Well, it's important that the first thing to bear in mind here is that there has been basically a change of providers rather than a pulling out; there has been no pulling out of a consumer redress system. In fact, for consumers, all banks in Canada are dedicated and committed to

Finance committee  Thank you very much. First of all, I would say there's an old Spanish proverb that says that the biggest enemy of the bullfighter is not the bull, it's the applause. That's related to your comment earlier. We all know that there was a decision of the Supreme Court in December.

Finance committee  Very briefly, I think the situation in the United States and the situation in Canada are dramatically different. We have dramatically different mortgage markets. We have a dramatically different approach to lending. You know, the approach of Canada's banks is they lend money to

Finance committee  Thank you very much.

Finance committee  There are two things I will say in response to that. The emphasis of your point is absolutely right in the sense that none of us—and that's certainly not the case with Canadian banks—can be complacent about the levels of Canadian debt. We agree. We monitor this very carefully.

Finance committee  Oh, yes.

Finance committee  I hope so. Governor Carney is in very good company. It isn't just Governor Carney, of course. It's the minister, Mr. Flaherty. It's Superintendent Dickson. Their counterparts around the world—in the United Kingdom it's the Chancellor of the Exchequer, it's Commissioner Barnie

Finance committee  I'll be very quick and say yes, we were consulted; yes, we had a very full opportunity to make our thoughts known; yes, we put our commentary in writing; and where we had questions or follow-up, we pursued those questions with the Department of Finance. We feel we've had a good