Finance committee  As I mentioned earlier, I think banks are looking at a whole host of flexible and creative options for their clients across a broad range of industries, including commercial real estate. As I said, I think they're not only thinking of new ideas but also looking at their jurisdictions and borrowing where appropriate, but beyond that, it's difficult for me to offer a more informed view.

Finance committee  Thank you, Mr. Chair.

Finance committee  I must apologize. I've been trying to read and digest as much news as I possibly can and I've seen a few interviews with Mr. Dodig, but I'm unfamiliar with that one. I would certainly agree with it from an economic impact standpoint. Undeniably it has, in a global way, changed the world economy, and done it at absolutely unprecedented scope and speed, so from that perspective I think it's undeniable.

Finance committee  With regard to an overall global impact in terms of size and speed and scope, it's hard to deny that statement, for the reasons I've just described. Yes, there were impacts beyond the United States in 9/11. Certainly that economic impact was felt globally, but I think this one has moved at unbelievable pace in short order, and it is changing our lives more directly day to day than 9/11 did.

Finance committee  I'm very familiar with the global financial crisis of 2007-2010. I happened to be working for a major Canadian bank in the United States at that time, so I had a front-row seat to those challenges. In essence there are several big differences, obviously, between the two. The crisis of 2007-2010 was more a story of global financial economic disruption that affected the broader economy, whether it was housing or other industries.

Finance committee  Yes, of course. I think that would be an enormous challenge. The wage subsidy program is about a $70-billion program. To front that would be challenging, even in the short term, as a bridge into May. With that said, I do think CEBA does provide an opportunity to provide that bridge until the wage subsidy comes in.

Finance committee  That's a great question, and the short answer is that it's more the latter. As you can appreciate, whether it's commercial real estate, residential rental real estate or any other industry or sector one could think of, there are teams at banks not only collaborating within their own institutions, but also trying to tap the collective selection of capital at, frankly, their competitors, to ask whether there are creative things they can think of.

Finance committee  I would say it's premature, certainly, to share. What I can tell you is that with regard to the receptivity from all of the provincial regulators, from agencies like EDC, from the department itself, in my 25-plus-year career in banking, never have I seen such great coordination and collaboration among regulators, government, industry and, frankly, competitors.

Finance committee  Yes, your understanding is correct. As I said earlier, the eligibility criteria have been set by the government. These aren't credit adjudication decisions being done through an individual risk profile by the bank. What they are doing is merely enforcing the eligibility criteria that the government has established for the loan.

Finance committee  Sorry. I was going to say that I did hear the comments earlier. It's certainly something we will take back to our members, but I can assure you that the process here is to follow the government's loan criteria, not an individual bank's risk profile.

Finance committee  What I want to tell you is that Canadian banks always follow all the laws and anything that is law today, anything that's been legislated, by all means. To your point, and what we haven't talked much about today, in addition to the emergency relief measures we've talked about and to your question about profits specifically, I can't be precise, because nothing has been disclosed and we're in the middle of our quarter, but on loan-loss provisions and provisions for credit losses that banks take in a normal course, even in good economic times, banks do lose money when somebody takes out a loan and is unable to pay.

Finance committee  Obviously, on CEBA itself, it's not banks that are setting any of the lending criteria. This is money from the Crown, so the government has established the loan criteria. There's no adjudication, outside of the instructions directly from the government in this case.

Finance committee  Correct.

Finance committee  I don't have a precise answer for you. What I can tell you is that there are media reports. Keeping in mind that the portals opened this morning, there are media reports of individual banks about how much they've approved. A Bloomberg article earlier this afternoon referenced that Scotiabank, as of noon today, had authorized $107 million in small business loans in support of CEBA.

Finance committee  I mentioned the amount of taxes paid by Canadian banks. All Canadian banks operate within the confines of the law, so I'm unfamiliar with the reference you're making to other tax jurisdictions.