Finance committee  Again, I think it's relative to the earlier discussions. It has to be balanced. At any point in time, tough decisions have to be made. There are always alternatives, choices. Sometimes they are tough decisions, but I don't think it's all one or the other. Our suggested solution is to grow that pie.

Finance committee  It's something that's been on the agenda. It's a concern not just of the Canadian Bankers Association but also of securities regulators and various other organizations. Efforts have been made laterally by the head of the OSC. A number of the provinces are prepared to go along. Others aren't, though, and I think this is hurting Canada on the international stage.

Finance committee  That's a tough question.

Finance committee  I would encourage the federal government to take whatever action is appropriate to get the provinces to work closely together, with this as a goal to be achieved within a reasonable time.

Finance committee  I would recommend that we give it a little more time, because there have been some changes made with various securities regulators, but I do think there comes a point when a tough decision needs to be made. Canada is relatively small on the international capital markets stage. We're about 3% of the world.

Finance committee  Thank you, Mr. Del Mastro. I'd be happy to do that. I would like to clarify that we're talking about tax cuts across the board for all businesses; we are not just talking about financial institutions. That's where one gets the leverage. As a country, if we are competitive on the tax side, Canada will be looked at favourably for those capital decisions that people make about where they invest their money.

Finance committee  Thank you, Mr. Paquette. We certainly believe we are good corporate citizens. We operate as a group of institutions in Canada and around the world, and let me assure you we adhere to the laws of the land, both domestically and around the world, and that includes from a fiscal tax perspective.

Finance committee  Good morning. My name is Luc Vanneste. I'm the executive vice-president and chief financial officer of the Bank of Nova Scotia and the current chair of the CBA's financial affairs committee. I would like to thank the Standing Committee on Finance for providing the Canadian Bankers Association with the opportunity to appear today as part of the pre-budget consultation process.