Finance committee  The short answer is I honestly don't know. I think when we look at software, as a rule much of the software per se we end up writing ourselves, just based on the nature of activity and the organization as a whole. Our vulnerability to actually buying dedicated pieces of software

Finance committee  In many instances, yes.

Finance committee  I would say in this instance we were somewhat thankful to be able to learn from the lessons of others. By that I mean certainly the experience of HSBC, but we also look at Standard Chartered, UBS, Citigroup, and J.P. Morgan, all very large global institutions with historically si

Finance committee  There are two rounds of changes to guideline B-8 that are under way presently, so OSFI certainly has taken learnings from that and been a participant in that process. I believe one of my colleagues mentioned earlier that you have the regulations and then you have regulatory expe

Finance committee  Maybe you could provide us with more details on it. I don't want to be in the same position as my colleague from BMO. If you would expand on the question possibly....

Finance committee  I think at the outset and returning to my earlier answer, the key element within that, and I think this applies equally to regulatory authorities and government agencies as it does to the banks, is ultimately having an understanding of that individual's financial circumstances. T

Finance committee  The Royal Bank does not have a wealth management branch in Montserrat.

Finance committee  We may as part of, again, RBC retail banking in the Caribbean, be servicing local residents in Montserrat. I'm not positive one way or the other on that, to be honest.

Finance committee  I think there's interesting history there with respect to Panama in particular. The first thing we would look at is what type of corporation that is. For example, is it a bearer share company? That has been a challenge historically within Panama. It's all part of the process of

Finance committee  I might comment further in terms of advising some caution with that. I say that because when you look at the success of the Canadian financial services industry in recent years, and think of new immigrants to this country, the flow of money into Canada, and how Canada has benefit

Finance committee  [Inaudible--Editor]...TIEAs, and looking at a multilateral framework is the correct approach, ultimately, in terms of ensuring the ability of Canadian financial institutions, Canadians, and Canadian corporations to compete on an international basis. Wherever we start creating a

Finance committee  I'll continue on from there. I think when we look at the tool itself and how it's used, those are two separate things. I think the tool and the framework that's been established there are ultimately effective, especially when combined with the other information available to FIN

Finance committee  Yes. As I mentioned earlier, we start with a Canadian standard, use that as a baseline, and build on top of that.

Finance committee  Absolutely.

Finance committee  Yes, it is. That's the regulatory requirement.