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This is a single
speech (committee meeting) resource
from the openparliament.ca API. If you’re new here, you might want to look at the documentation. If API and JSON are gibberish to you, you’re better off at our main site.
{
"time": "2008-02-26 12:05:00",
"attribution": {
"en": "Mr. Paul Jenkins",
"fr": ""
},
"content": {
"en": "<p data-HoCid=\"946310\" data-originallang=\"en\">Again, that's a very good and complicated question, in terms of a response. </p>\n<p data-HoCid=\"946311\" data-originallang=\"en\">Quickly, first of all, on the United States side, what we've seen is a combination of the developments in the subprime mortgage market that you've talked about and a period where the lending through the subprime mortgage market in the United States rose at a dramatic rate. We have seen the consequences of that, but at the same time, in addition to that lending, we saw a lot of these subprime mortgages being packaged as part of these structured products, these CDOs, for example, that you're talking about. So you had a combination of assets in these CDOs that were losing value, and losing value rapidly. You also have the opaqueness of these instruments that you've touched on. </p>\n<p data-HoCid=\"946312\" data-originallang=\"en\">One of the important issues we've talked about at some length is the importance of finding ways to enhance the transparency of these investment products. Investors need to know what's in those products. Certainly there's a considerable focus on that, both domestically and internationally, that the bank is involved in\u2014international organizations such as the Financial Stability Forum--where these exact issues you're raising are being looked at.</p>",
"fr": "<p data-HoCid=\"946310\" data-originallang=\"en\">Encore une fois, c'est une question tr\u00e8s bonne et compliqu\u00e9e, pour ce qui est d'y r\u00e9pondre.</p>\n<p data-HoCid=\"946311\" data-originallang=\"en\">Rapidement, d'abord, du c\u00f4t\u00e9 des \u00c9tats-Unis, ce que nous avons vu, c'est une conjugaison des d\u00e9veloppements dans le march\u00e9 des pr\u00eats hypoth\u00e9caires \u00e0 risque, dont vous avez parl\u00e9, et une p\u00e9riode o\u00f9 les pr\u00eats sur le march\u00e9 des pr\u00eats hypoth\u00e9caires \u00e0 risque aux \u00c9tats-Unis ont augment\u00e9 en fl\u00e8che. Nous en avons vu les cons\u00e9quences , mais au m\u00eame moment, en plus de ces pr\u00eats, nous avons vu beaucoup de ces pr\u00eats hypoth\u00e9caires \u00e0 risque \u00eatre incorpor\u00e9s \u00e0 des produits structur\u00e9s comme les swaps de cr\u00e9dit sur d\u00e9faillance dont je vous avais parl\u00e9. Il y avait donc une combinaison d'\u00e9l\u00e9ments d'actifs dans ces swaps sur d\u00e9faillance qui perdaient de la valeur, et ce rapidement. Il y avait aussi l'opacit\u00e9 de ces instruments, dont vous avez parl\u00e9.</p>\n<p data-HoCid=\"946312\" data-originallang=\"en\">Une des questions importantes dont nous avons longuement parl\u00e9, c'est l'importance de trouver des fa\u00e7ons d'am\u00e9liorer la transparence de ces produits d'investissement. Il faut que l'investisseur sache ce qui se trouve dans ces produits. Beaucoup d'int\u00e9r\u00eat est accord\u00e9 \u00e0 cela, aussi bien au pays qu'\u00e0 l'\u00e9tranger, par la Banque au sein d'organisations internationales comme le Forum sur la stabilit\u00e9 financi\u00e8re o\u00f9 sont justement examin\u00e9s les probl\u00e8mes que vous \u00e9voquez. </p>"
},
"url": "/committees/industry/39-2/21/paul-jenkins-27/",
"politician_url": null,
"politician_membership_url": null,
"procedural": false,
"source_id": "2334450",
"document_url": "/committees/industry/39-2/21/",
"related": {
"document_speeches_url": "/speeches/?document=%2Fcommittees%2Findustry%2F39-2%2F21%2F"
}
}