But his broader vision of building transport to make connections with expanding markets— including those beyond our Pacific shores – remains relevant today as we consider the future of transport and logistics in the Canadian economy. It is also a reminder of the long-range thinking and strong leadership that are needed to build for that future.
In the end, however, the Board and the Treasury judged that the evidence in favor of a mandatory subordinated debt policy was simply not strong enough to justify its adoption. We came to this conclusion for three broad reasons. First, because the current market for subordinated debt already provides measurable market discipline, the marginal benefits of a mandatory policy are very uncertain.