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FINA Committee Meeting

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Meeting No. 6
Monday, May 29, 2006

The Standing Committee on Finance met in a televised session at 3:30 p.m. this day, in Room 237-C, Centre Block, the Chair, Brian Pallister, presiding.


Members of the Committee present: Diane Ablonczy, Rick Dykstra, Yvan Loubier, Hon. John McCallum, Hon. John McKay, Massimo Pacetti, Brian Pallister, Michael Savage, Thierry St-Cyr, Hon. Garth Turner and Judy Wasylycia-Leis.


Acting Members present: Dean Del Mastro for Luc Harvey.


In attendance: Library of Parliament: Alexandre Laurin, Analyst; June Dewetering, Principal.


Witnesses: RBC Financial Group: Catherine Adams, Vice-President, Home Equity Financing, RBC Royal Bank. AIG United Guaranty Canada: Andy Charles, President and CEO. Canadian Home Builders' Association: John Kenward, Chief Operating Officer. Canada Mortgage and Housing Corporation: Karen A. Kinsley, President. PMI Group, Inc.: David Liu, Vice President, International Markets. Canadian Institute of Mortgage Brokers and Lenders: Jim Murphy, Senior Director, Government Relations and Communications. Canadian Real Estate Association: Dale Ripplinger, Director - Chair, Federal Affairs Committee. Mouvement des caisses Desjardins: Noël Roy, Chef de produit, financement hypothécaire, Direction, développement de l'offre. Triad Guaranty Insurance Corporation: Mark Tonnesen, President, CEO. Genworth Financial Canada: Peter Vukanovich, President and CEO.

Pursuant to Standing Order 81(4), the Committee resumed consideration of the Main Estimates 2006-2007: VOTE 10 under FINANCE referred to the Committee on Tuesday, April 25, 2006.

The witnesses made statements and answered questions.


At 5:00 p.m. Massimo Pacetti took the Chair.


At 5:04 p.m. Brian Pallister took the Chair.

Pursuant to Standing Order 81(4), the Committee resumed consideration of the Main Estimates 2006-2007 - VOTE 1 under CANADA REVENUE AGENCY, VOTES 1, 5, 10, L15, 25, 30 and 35 under FINANCE, referred to the Committee on Tuesday, April 25, 2006.

Vote 1 under CANADA REVENUE AGENCY carried on division.


Votes 1, 5, L15 25, 30 and 35 under FINANCE (Canadian International Trade Tribunal, Financial Transactions and Reports Analysis Centre of Canada, Office of the Superintendent of Financial Institutions) carried severally on division.


The question: "Shall Vote 10 under FINANCE carry?" was put and was agreed to on the following recorded division: YEAS: Diane Ablonczy, Dean Del Mastro, Rick Dykstra, Yvan Loubier, John McCallum, John McKay, Massimo Pacetti, Michael Savage, Thierry St-Cyr, Garth Turner — 10; NAYS: Judy Wasylycia-Leis — 1.


It was agreed, — That the Chair report the Main Estimates (2006 - 2007) to the House.


At 5:36 p.m., the sitting was suspended.

At 5:36 p.m., the sitting resumed.

The Committee proceeded to the consideration of matters related to Committee business.

The Chair presented the Second Report from the Subcommittee on Agenda and Procedure which reads as follows:


Your Subcommittee on Agenda and Procedure met on Wednesday, May 12, 2006 and agreed to make the following recommendations:

1. That the Committee schedule a meeting on Monday, May 29, 2006 in relation to VOTE 10 under FINANCE of the 2006-2007 Main Estimates.

2. That the Committee’s hearings on Bill C-13, Budget Implementation Act, 2006 be as follows:

Tuesday, May 30
Minister of Finance and Departmental Officials

Wednesday, May 31

Thursday, June 1
Clause-by-Clause consideration of the Bill

3. That the Committee agree not to hold a hearing on the certificate of nomination of Bryan Davies, Chairperson of the Board of Directors of the Canada Deposit Insurance Corporation.

4. That with respect to the pre-budget consultations, a memo be forwarded to all committee members requesting their input regarding the format, and any potential themes for discussion.

5. That with respect to the consideration of Bill C-13, Budget Implementation Act, 2006, a memo be forwarded to all members requesting that they suggest the names of any potential witnesses.


At 6:17 p.m., the Committee adjourned to the call of the Chair.


Elizabeth B. Kingston
Clerk of the Committee

2006/06/01 3:22 p.m.