Different Drummers
Publication
The Empire Club of Canada Addresses (Toronto, Canada), 17 Sep 1991, p. 56-67
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Different Drummers


Different Drummers: the speaker's book on banking and politics in Canada. The regulatory environment catching up with reality: over and over again. Concern with recent disclosures by the Bank of Credit and Commerce International (BCCI): an example of regulatory lag. The globalization of the financial system. International standards and some loopholes, with examples. A discussion of the BCCI issue and related problems. The need to "define clearly that the right of access to banking in Canada must be restricted to banking institutions which are themselves properly regulated in their home jurisdiction." The conditions under which foreign banks are admitted to Canada. Michael Mackenzie, the Canadian Superintendent of Financial Institutions, and his role in "putting the clamps on the BCCI in Canada." How business and powers of banking institutions are a response to social and political needs of the community. How this applies to Canada. Frustrations for Canadian bankers. An historical perspective of some aspects of Canada banking. The need to review ideological convictions by the authorities as to what makes for an "efficient and competitive banking system."