Mr. Knight and I really hope to be able to return on the day of or shortly after the publication of our reports every May and November, and I hope, once the excellent staff at the bank has got me under sufficient control, to have you over to the bank, so we can chat over there as well.

Although banks appear adequately capitalised, a disorderly correction could also affect the financial sector as banks have a growing exposure to household mortgages.

One might reasonably ask whether Canadians will have sufficient time to offer their views and whether Parliament will have sufficient time to consider them before the November 26 deadline suggested by the minister yesterday.

The purpose of MREL is to ensure that banks hold sufficient amounts of regulatory capital instruments and high-quality ‘bail-inable’ liabilities that could be readily used to absorb losses and to recapitalise the bank once it emerges from a resolution.

The chosen thresholds need to be high enough to take account of minor cases, but at the same time low enough to guarantee a deterrent effect of the sanction and to take account of the importance of genuineness of banknotes and coins and the trust citizens have in them.

This reflects the principle that the ESM will, following a regular decision, have the possibility to recapitalise banks directly when an effective single supervisory mechanism is established.

2. The Administrative Board of Review shall be composed of five individuals of high repute, from Member States and having a proven record of relevant knowledge and professional experience, including supervisory experience, to a sufficiently high level in the fields of banking or other financial services, excluding current staff of the ECB, as well as current staff of competent authorities or other national or Union institutions, bodies, offices and agencies who are involved in the carrying out of the tasks conferred on the ECB by this Regulation.

As countries continue to lower trade barriers and negotiate trade agreements, it is important that Canadian banks be strong enough to compete with international banks, both within Canada and worldwide.

I argue quite vehemently on behalf of taxpayers that there are not enough sections in the in bill to protect their money (1255) The second rule that should be applied is if there will be sufficient mechanisms for Canadians to judge whether the authority has significantly improved air traffic security or whether it has just become another expensive and bureaucratic boondoggle.

Will the finance minister guarantee today to Canadians who are concerned about less competition that not one bank merger will take place until the government has changed the Bank Act to allow an open skies, open competition policy in the banking business in this country?