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Laurie in Question Period

Treasury Branches Board of Directors

Ms Blakeman: Thanks, Mr. Speaker. While the minister of finance talks about Russia and Brazil, I’d like to concentrate on talking about Alberta and how the financial market disruption has impacted Albertans who have a stake in the financial decisions made by ATB and its directors. My question is to the minister of finance. What specific qualifications are required for individuals who are appointed to ATB’s board of directors?

Ms Evans: Mr. Speaker, there’s a very rigorous screening process that’s undertaken on behalf of the board for recruiting new members to the board. As a matter of fact, the deputy minister of finance also sits on that recruitment and selection group, looking at their financial knowledge and expertise.

Mr. Speaker, I would guess and venture to say that the hon. member’s shot about my expanding to look at global issues on a financial basis would really be very hard pressed to find more than one or two references to countries other than Canada, and I resent…

The Speaker: The hon. member.

Ms Blakeman: Thank you. To the same minister: can the minister explain the terms on which ATB provides banking services to its directors and whether they receive the preferential rate for mortgages, credit cards, and other loans that employees receive?

Ms Evans: Mr. Speaker, I will forward that question to ATB. I understand they already want to refute some of the claims the hon. member made in her questions yesterday. I’ll see that they respond to her question.

Ms Blakeman: I am so looking forward to that.

Again I ask the minister: what oversight or direction was provided to the directors of ATB by the department of finance or the minister regarding its exposure to asset-backed commercial paper before and after the market disruption?

Ms Evans: Mr. Speaker, on the asset-backed commercial paper I think that in this House on other occasions I’ve given a fairly thorough briefing, acknowledging that not only ATB but the Alberta Investment Management Corporation itself had some involvement with that. We have provided information of that nature on the heritage trust fund. Several of the other chartered Canadian banks have provided information. In terms of oversight we’ll be providing her some comments directly from the AIMCo board.