toronto centre update newsletter€¦ · · 2017-05-20toronto centre update newsletter message...

Toronto Centre UpdateNewsletter

Message from the CEO

TC takes on SAS

2011 Programs to Date

Upcoming Programs

More information on TC

A Tribute to Lesley Schiff

Food for Regulatory Thought

By: Andrea M. Corcoran

The trouble with being a capital market regulator is that the focus of our regulatory attentions is always evolving, or being diverted by crisis, and we are hard-pressed to keep current.

Macro-prudential oversight: is it the

solution or just another problem?

By Clive Briault

One lesson of the financial crisis is that supervision had focused too much on individual firms, and not sufficiently on system-wide risks - such as excessive growth in credit, an asset price bubble, and capital inflows and outflows.


Toronto Centre takes on supervision advisory servicesThe Toronto Centre is pleased to announce that we are now offering supervision advisory services. We are grateful to the Canadian Internationalfinancial support for this new and exciting addition to Toronto Centre programming.

2011 Programs to DateAlong with the addition of supervision

offer its leadership, crisis preparedness, and crisis management programs, for which w

have developed an outstan

Upcoming ProgramsThese programs offer participants an opportunity to share experiences with peers from around the world, and to learn from intpractitioners. They mix ‘real life’ case study experiences from the executives of supervisory agencies who oversaw their actual development and outcomes, with persoopportunities.

More information

Update on Distance L

Toronto Centre would like to thank all our Distance Learning participants for taking part in

this pilot and making it a great success.

Update on TC Community

The Toronto Centre Community or TC Community is a f


read more »

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Toronto Centre Update Newsletter

Dear friends of the Toronto Centre,

2010 was a year of growth and achievement for the Toronto Centre. We added

supervision advisory services to our offerings and held 22 seminars serving

more than 550 supervisors from developing and emer

the globe.


Toronto Centre takes on supervision advisory servicesThe Toronto Centre is pleased to announce that we are now offering supervision advisory services. We are grateful to the Canadian International financial support for this new and exciting addition to Toronto Centre programming.

2011 Programs to Date Along with the addition of supervision advisory services, the Toronto Centre continues to

offer its leadership, crisis preparedness, and crisis management programs, for which w

have developed an outstanding international reputation.

Upcoming Programs These programs offer participants an opportunity to share experiences with peers from around the world, and to learn from internationally recognized senior supervision practitioners. They mix ‘real life’ case study experiences from the executives of supervisory agencies who oversaw their actual development and outcomes, with persoopportunities.

More information on Toronto Centre

Update on Distance Learning


this pilot and making it a great success.

Update on TC Community

The Toronto Centre Community or TC Community is a free-to

An one-on-one interview with Lesley Schiff about her long and fascinating

history with the Toronto Centre. Lesley is getting ready to retire after working

for the Toronto Centre for the past 13 years.


Spring 2011 Issue

At-a-glance

2010 was a year of growth and achievement for the Toronto Centre. We added

supervision advisory services to our offerings and held 22 seminars serving

more than 550 supervisors from developing and emerging markets all around

Toronto Centre takes on supervision advisory services The Toronto Centre is pleased to announce that we are now offering supervision advisory

Development Agency for its financial support for this new and exciting addition to Toronto Centre programming.

advisory services, the Toronto Centre continues to

offer its leadership, crisis preparedness, and crisis management programs, for which we

These programs offer participants an opportunity to share experiences with peers from ernationally recognized senior supervision

practitioners. They mix ‘real life’ case study experiences from the executives of supervisory agencies who oversaw their actual development and outcomes, with personal development


to-use online community…

one interview with Lesley Schiff about her long and fascinating

history with the Toronto Centre. Lesley is getting ready to retire after working

read more »

read more »

read more »

read more »

read more »

read more »

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Toronto Centre Update Newsletter Spring

2011

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A message from our CEO

Dear friends of the Toronto Centre, 2010 was a year of growth and achievement for the Toronto Centre. We added supervision advisory services to our offerings and held 22 seminars serving more than 550 supervisors from developing and emerging markets all around the globe. Growth will continue to be the theme in 2011. With several new team members in place, we are able to offer a wider range of programming. In addition, we are strengthening our working arrangements with existing partners and pursuing new partners in order to broaden our reach. Staff changes The Toronto Centre is pleased to welcome two new program directors, Bruce Thompson and Chris Cardoza. They both come to us from the executive ranks of the Office of the Superintendent of Financial Institutions (OSFI), Canada. Bruce brings extensive experience in insurance supervision and Chris adds his years of expertise in banking supervision to the Toronto Centre team. Bruce and Chris join Program Director, Dr. Hooi Eng Phang, who has been with the Toronto Centre for the past four years. She was the former IMF Executive Director for Southeast Asia, and also a former senior director (economist) with Bank Negara Malaysia (Malaysian Central Bank). In addition to our three program directors, we now have three dedicated professionals assisting our team: Maureen Corrigan, Executive Assistant and Office Manager, Laura Miller, Program Coordinator, and Lesley Myers, Project Manager. I’d also like to take this opportunity to thank two employees who recently left the team. Lesley Schiff retired in January. In recognition of her 13 years of dedicated service to the Toronto Centre, please read a tribute to her in this newsletter. Also, Christina Rulfs, Program Director, resigned several months ago to pursue other interests. I would like to thank Christina for her valuable contribution to this organization and wish her all the best in her future endeavours. Partnerships At the Toronto Centre we’re always looking for ways to strengthen our collaboration with existing partners and forge new partnerships. I’m pleased to inform you that we have recently partnered with the USAID – Partners for Financial Stability program to support capacity building in some of the Eastern European countries that are not part of the European Union. In this newsletter we have tried to give you a taste of what we have been doing and what we plan to do in the coming months. Also, this newsletter contains two articles to get you thinking: Food for Regulatory Thought by our Securities Advisory Board


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Chair, Andrea Corcoran, and Macro-prudential oversight: is it the solution or just another problem? by Toronto Centre Program Leader Clive Briault. Finally, I would like to extend our thanks to our core partners – the Canadian International Development Agency (CIDA), Swedish International Development Cooperation Agency (SIDA), World Bank, International Monetary Fund (IMF), and Schulich School of Business at York University, Toronto – and all of our other valued partners.

Core Funders &

Founders

Multilateral Partners Regional Partners

CIDA

World Bank

IMF

SIDA

Schulich

IMF

World Bank

CGAP

FIRST

Swedish Central Bank

(Riksbank)

OSFI

MAS

SEACEN

USAID (Partners for

Financial Stability)

ASBA

CARTAC

ADB

AITRI

BNM

FSI

AMF

ATTF

CAF

South Africa –

FSB


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Toronto Centre takes on supervision advisory services

The Toronto Centre is pleased to announce that we are now offering supervision advisory services. We are grateful to the Canadian International Development Agency for its financial support for this new and exciting addition to Toronto Centre programming. For the past decade, Canada’s OSFI has helped emerging markets develop their supervisory skills and risk based supervisory strategies through the activities of its International Advisory Group. This work, however, did not fit easily into OSFI’s core legislative mandate. Thus, in 2010 OSFI began looking for an organization that could assume these activities. The Toronto Centre was a natural candidate with its mission: “… to enhance the capacity of financial regulators from around the world to help improve their agency’s crisis preparedness and to promote change that will lead to a more sound and inclusive financial system”. Negotiations concluded in the spring of 2010 with CIDA transferring its financial sponsorship to us. Since then, we were able to recruit two experienced executives from OSFI, Bruce Thompson and Chris Cardoza, to promote and deliver these programs. They will be aided by our team of program leaders, many of whom have experience that is highly relevant to this new service. As a result, we can assure you that the Toronto Centre is well qualified to provide these programs and continues to have the full support of OSFI. In addition to providing training in banking and insurance fundamentals, the Toronto Centre wants to work with countries that are committed to taking concrete actions to adopt risk based supervision principles. The Toronto Centre is prepared to back this commitment by providing support on a multi-year basis that would focus on helping develop and implement practices and processes suitable for emerging market requirements. Ultimately these countries should be better able to make changes and to:

• adhere to banking and insurance core principles

• improve their (financial) information gathering processes

• assess risk vs. compliance methodologies

• apply supervisory tools consistently and transparently

• understand risk control measures at financial institutions

• identify and discourage non market rated related party transactions

• be willing to intervene with a proactive focus.


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In the coming months we will be re-connecting with former OSFI – IAG clients and forging new partnerships with specific countries. If you would like more information on the services provided by Toronto Centre – Supervision Advisory Services – please contact Bruce Thompson [email protected] for insurance or Chris Cardoza [email protected] for banking.


2011

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2011 Programs to Date

Along with the addition of supervision advisory services, the Toronto Centre continues to offer its leadership, crisis preparedness, and crisis management programs, for which we have developed an outstanding international reputation. 2011 is off to a strong start, with five programs delivered that were a resounding success.

Program Dates Overview

Regional Financial

Leadership Program,

Doha

Mar 6-10

Participants discussed current issues facing banking and securities regulators and learned critical supervisory leadership skills in managing fraud, governance issues, insider trading and enforcement issues. Cases included Madoff, Lehman and two new case studies on enforcement issues.

Barbados, SAS

Program (Banking)

Mar 7-11

This program was a follow-up to a program originally initiated by OSFI-IAG. Barbados has embarked on a risk based supervision initiative and the purpose of the program was to work with CBB officers to assess framework development and implementation, as well as reinforce topics such as operational management, Basel 2/3, stress testing, corporate governance, monitoring and emerging risk processes.

Toronto Securities Program

Mar 13-18

Participants learned critical supervisory leadership skills. Topics included investor protection funds, corporate governance, management tools which assist in effecting change, information sharing and potential impediments, focusing on the IOSCO core enforcement principles on information sharing. Cases included Bear Stearns and Lehman Brothers and the Uruguay experience in information sharing compliance.

Peru, SAS Program

(Insurance)

Mar 21-25

The program formed a part of Peru’s SBS ‘Summer School’. The program design was to instruct new (and recent) recruits to the Peruvian supervisor, plus attendees from nine other Latin American nations, basic insurance fundamentals, and provide an introduction to


2011

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an array of topics such as financial statement composition, monitoring techniques, early warning tests, reserve adequacy, insolvency considerations, asset liability management, reinsurance and an introduction to risk based supervision. A new case study: Advocate General Insurance Company was introduced to illustrate insolvency issues.

Regional Leadership Program, Eastern Europe, Armenia

Mar 28- Apr 1

Participants learned critical supervisory leadership skills. Topics included decision making, action planning, stakeholder communication and case studies on failing financial institutions, including cross border issues. During the week participants used the Toronto Centre action planning methodology to develop their own action plans for implementation. The program was conducted in English.


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Upcoming Programs

This summer we will host two international programs in Toronto: Leadership Programs

Banking June 20-24th Insurance July 25-29 These programs offer participants an opportunity to share experiences with peers from around the world, and to learn from internationally recognized senior supervision practitioners. They mix ‘real life’ case study experiences from the executives of supervisory agencies who oversaw their actual development and outcomes, with personal development opportunities. Plans are now underway to expand our leadership programs to cover pension supervision, FSAP follow-up and priority-setting, and microfinance. Some of our upcoming programs include: AITRI Regional Crisis Preparedness Seminar for Insurance Supervisors

Kuala Lumpur Apr 18 – 22

Insurance SAS Program Ghana Apr 18 – 22 Banking SAS Program Mexico May 2 – 6 FSI Joint Crisis Program Basel May 3 – 5 Insurance SAS Program South Africa May 16 – 20 Regional Banking Leadership Seminar on Dealing with Problem Banks

Kenya May 23 – 27

AITRI Insurance SAS Program Brunei June 13 – 17 Banking/Insurance SAS Program Colombia July 11 – 15 Regional Insurance Crisis Preparedness Workshop

Johannesburg July 18 – 22

SEACEN Crisis Preparedness Seminar Kuala Lumpur Aug 21 – 25 MAS-Toronto Centre Regional Leadership Program for Securities Regulators

Singapore Sept 25 – 30

Cross-Sectoral SAS Program Thailand Sept (dates to be confirmed)

Latin American Crisis Program Guatemala Oct 11 – 14 World Bank/IMF/Federal Reserve Bank Seminar for Senior Bank Supervisors from Emerging Economies

TBA TBA

Regional Crisis Preparedness Program Luxembourg Oct 24 – 28 11th Annual SEACEN Toronto Centre Leadership Seminar for Senior Bank Management of Central Banks on Financial System Oversight

TBA Dec 11 – 16

You can find out more about these programs and register at www.torontocentre.org


2011

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Food for Regulatory Thought – by Andrea M. Corcoran

The trouble with being a capital market regulator is that the focus of our regulatory attentions is always evolving, or being diverted by crisis, and we are hard-pressed to keep current. Just as non-current books and records are an indication of trouble in a financial institution, so too regulators who do not keep abreast of their regulatory mandate in new conditions can find themselves in distress. The community often views market failures and regulatory failures as one and the same. Hence, the failure to keep one’s regulatory ear to the ground, to thoroughly understand the environment in which the markets are operating, and to find the right regulatory balance between protection of customers and the system, and inappropriate intrusion, as markets develop can be problematic and even fatal. And, the art of regulation is becoming more complex. Increasingly financial industry businesses and professionals have to confront more interconnected operations with related connectivity risks, including the risks of undisclosed connections and the risks of connections that are known but not evaluated properly. The regulator, because it is in the business of protecting the public and overseeing the industry, likewise must prepare so as not be confounded by these new interconnectivity risks even if the basics of regulation remain the same. Here are four things to think about: Are we confident that we understand the interconnections between banking and investment banking models sufficiently? Markets people and banking people do not speak the same language and do not address risks the same way. Should we be trying harder to understand these differences—and, if so, whether, how, and when they can create trouble for investors, depositors, and markets? Do we understand the business dynamics that are leading central markets to seek merger partners underlying a flurry of potential acquisition activity coupled with positive and negative behind the scenes commentary and politics? These partnerships are no longer, as often in the past, courtships of the reluctant. Are these suitors and their brides telling us anything about the current market structure that regulators need to think about, in particular whether shareholder value and the public interest are always aligned and, if so, how; and if not, why not? Have we made sufficient progress on means for regulators to address cross-border activity? Some progress is being made on a menu of cooperation mechanisms by IOSCO, but should more thought be devoted to this area now the international community makes explicit that cooperation is the number one essential to avoid crisis. Must we now always think globally in that issues can be admitted to trading in multiple markets without the agreement of the listing exchange or the issuer, and a better trading platform is always just around the corner? Do regulators have the right expertise to analyze and address properly, the potential risks to intermediary and market operating systems? More discussion is


2011

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certainly warranted on best IT practices related to capacity, security, back-up and other redundancy, misuse of IDs, system gaming activities, risk filters, dynamic position and price limits and how best to share concerns about market practices, system protections, and means to address failures originating in one jurisdiction but potentially infecting another.

Do we need to perform cross markets and cross sectoral stress tests?

The Toronto Centre can put all these issues on the table and is hoping to spark useful networking and dialogue inside and outside its programs.


2011

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Macro-prudential oversight: is it the solution or just another problem? By Clive Briault

One lesson of the financial crisis is that supervision had focused too much on individual firms, and not sufficiently on system-wide risks - such as excessive growth in credit, an asset price bubble, and capital inflows and outflows. Supervisors failed to identify risks arising in the financial system that might have an adverse impact on the rest of the economy, including the tendency for financial markets to amplify the cyclicality of the real economy.

Considerable emphasis is therefore now being placed on "macro-prudential” oversight, as a means of identifying risks to financial stability, deciding what needs to be done, and ensuring that appropriate action is taken. This sounds fine in principle, but will not be so easy in practice. How many of the following questions can you answer? First, what is “financial stability”? How much of it is a “good thing”? There is no clear definition of financial stability, or agreement on how much financial stability should be achieved. An entirely safe and stable financial system will not be optimal, because the financial sector will only be able to contribute to economic growth and development if it takes risks. Equally there is a point at which the risks to financial stability outweigh any benefits from increasingly innovative and risky financial activities. But where is the balance to be struck here, and how does it vary across countries? Second, how well can we identify risks to financial stability? There is no shortage of “Financial Stability Reports”, with long lists of potential risks. And we have to accept that some risks will simply be missed. But it would certainly be useful if the identified risks could be prioritized down to the most important ones. Indeed, a good “rule” for macro-prudential analysis would be to insist that each financial stability report identifies the three most important risks to financial stability and puts forward concrete suggestions for mitigating those risks. Third, which types of risk should macro-prudential oversight focus on? Should there be a narrow focus on asset prices and credit growth, or a wider focus on interconnectedness and other sources of contagion within the financial sector? And who is responsible for considering and mitigating wider risks to financial stability, for example those arising from loose monetary policy and loose fiscal policy that may encourage asset price and credit growth, and from tax incentives and other public policy initiatives that increase demand for assets such as property? Fourth, how do we decide what needs to be done? There are plenty of macro-prudential tools available, and indeed many of them have been used over the last few years by Asian countries responding to asset price and credit bubbles. These tools include:


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• counter-cyclical capital requirements, based on some measure of when asset price or credit growth has become dangerously rapid (indeed the “Basel 3” proposals already include such requirements);

• higher capital requirements for specific types/sectors of lending (for example for lending to residential mortgages or commercial real estate);

• limits on loan to value ratios, or requirement to take out insurance above some level of this ratio;

• limits on the allowable value of collateral; and

• limits on exposures to and from other financial institutions. Fifth, how well do we understand the links between macro-prudential and monetary policy? Most of the macro-prudential toolkit works like credit controls on the price and availability of bank lending, while monetary policy works primarily through interest rates. Whichever lever we pull will have an impact on lending and economic activity. So the two policies need to be closely coordinated and we need to recognise that there may be times when we are pulled in different directions – such as when the economy (or an inflation or exchange rate target) needs looser monetary policy but threats to financial stability require tighter macro-prudential constraints. Sixth, is there sufficient willingness to translate analysis into action? Will politicians allow policymakers to make mortgage borrowing more expensive and less accessible six months ahead of an election? Finally, what does macro-prudential oversight imply for organisational structures? Many countries are considering who should be responsible for controlling the macro-prudential toolkit, and how to ensure that banking supervisors (whether located within or outside the central bank) and the financial stability departments of central banks work effectively together to identify and address system-wide risks. And, given the wider threats to financial stability from monetary and fiscal policy, countries should be considering how best to link macro-prudential oversight with the monetary policy departments of central banks and with finance ministries. Whatever organisational structures are implemented, it is essential that banking supervisors engage actively in macro-prudential analysis - and use this “macro” view as a key element in making difficult judgements about the firms they supervise.


2011

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Update on Distance Learning By Gerry Lewis

Toronto Centre would like to thank all our Distance Learning participants for taking part in this pilot and making it a great success. We also extend our sincere thanks to SIDA for their generous contribution, which was instrumental in allowing us to take on this project. The purpose of this pilot was to assess the demand of supervisors and regulators for distance learning courses. The pilot was also used to evaluate the relevance and richness of our content and the program delivery technology used.

Thanks to the high participation volume, we have been able to gather good data which will be analyzed over the next few months and will contribute to future development of the Toronto Centre Distance Learning Program. The pilot is now closed and we will communicate our ‘next steps’ in later in the year.


2011

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Update on TC Community By Gerry Lewis

The Toronto Centre Community or TC Community is a free-to-use online community (accessible directly from our Toronto Centre website www.torontocentre.org). The TC Community is about sharing ideas and experiences, engaging in discussions and collaborating with colleagues and peers. We are happy to report that our community keeps increasing with each program. We currently have 591 active members from 115 programs.

For more information

Visit us at www.torontocentre.org or contact us at [email protected]


2011

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1. Tell me about your life before the Toronto Centre.

I’ve been at Toronto Centre for so long, I don’t really remember my life

before that (chuckles)! It really does seem as though I have worked for the

Toronto Centre forever. Perhaps I feel this way because once I started there,

my skills and passion truly began to emerge and come to life. The 13 years

at Toronto Centre certainly stand out forever with me.

2. Describe what your first year was like at the Centre.

When I first began, there were only two people at the Centre: the Executive

Director and me. Together we set up the Toronto Centre. While he worked

on the program materials with his working committee, I found myself helping

with all the other aspects of running programs such as – AND this is just the

“short list”: sourcing and negotiating with hotels and venues, participant

travel and accommodation logistics, acceptance letters and creating a

database. In other words I was responsible for all participants and their well-

being ... and I loved it!

3. How has that changed over the years?

It’s funny how things change over the years, but also how much still remains

the same. Let’s see ... what’s changed? Well, we’ve expanded our programs

from Toronto to almost every region in the world. Our programs and content

have also evolved and grown with the needs of our participants. Most

notably, before the onset of the financial crisis, we introduced in October

2008 our Crisis Preparedness Program, which has now also been delivered

in numerous countries including here in Toronto. We’ve also done programs

in other languages such as French and Spanish.

While these are some of our more notable changes over the years, my role

in support of these programs largely remained the same – just a lot busier

and work done much faster! Until most recently, I was still sourcing and

negotiating with hotels and venues, handling participant travel and

accommodation logistics and acceptance letters, and maintaining a

database. I’ve always considered my key role as creating the best participant

experience when they come to our Toronto programs. I am a big believer in

looking after the customer (our participants). The Toronto Centre gave me

the opportunity to do what I love and to expand my horizons by working with

participants from so many countries.


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4. What is the funniest thing that you recall from one of our programs?

(Laughing) Few people know about this but whenever it comes to mind I

can’t stop laughing. At one program many years ago, we found out that one

of our attendees just broke her leg, yet insisted on participating. To ensure

her comfort upon arrival, I arranged to have someone from our office (a

really nice young man who occasionally helped us out) to greet her at the

airport and take her to the hotel, to avoid her having to take public

transportation. The plane arrived at about 6 in the evening. I knew something

was wrong when it was 10 p.m. and she still had not arrived at the hotel. I

was really worried. Finally at midnight, I received confirmation that he had

delivered her safely here and everything was all right. The next morning I

asked him what happened and he said it took him about three hours to put

the wheelchair in his car. I couldn’t figure out why it would take him so long

to do that until he brought her down to the classroom. My mouth just

dropped! When he wheeled her in, I noticed the wheelchair he used was the

type the airport provides as a courtesy and was not to be taken outside the

terminal. To ensure no one removes these wheelchairs, they are secured

with a long steel pole welded onto the back of the chairs so they would not fit

into any type of vehicle. Well, somehow, he managed to fit this wheelchair

into his car – but it took him three hours to do so! I didn’t have the heart to

tell him, he needed to return the wheelchair now...

5. What memory will always make you smile when you think of the people

you met?

Hearing participants talk about how much they learned from our programs

and seeing how they shared information with one another and continued to

do so after the programs. Oh yes – and how they would always beg me not

to feed them so much!

6. How did you manage to withstand 44 trips to Niagara Falls?

By only going on the “Maid of the Mist” just once! I also got such a thrill when

I saw the look on participants’ faces when they stood in front of the Falls for

the first time. This made every trip worthwhile and extremely special for me.

7. What was your most favourite part of our programs?

At the end of each day when I had the opportunity to relax and socialize with

participants and of course at the certificate ceremony. They worked so hard

and are so proud of their achievements – you cannot help but be so happy

for them!


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8. What observations do you have about people? After all, you met

people from over 176 countries!

For many participants, it was their very first time visiting Canada. And since

many were on their own, it encouraged them to quickly make friends with

other participants and Program Leaders. I learned a very meaningful lesson

from these participants: No matter how far or what country they came from,

race, religion and personal beliefs were never barriers to friendship as long

as we showed each other respect and took the time to listen and understand

one another. I will always take that lesson with me wherever I go.

9. When you think about your time at Toronto Centre – what are the top

five things you remember?

#5. The participant who got lost on one of our networking trips. I truly thought

he skipped town but he wandered off to see if he could find a McDonalds so

that he could experience the thrill of having a Big Mac!

#4. Once the bus we rented to take us to Niagara Falls broke down on the

highway and we couldn’t get a replacement – that was more like a

nightmare.

#3. Without exception, the very first thing everyone asks when meet them ...

“When do we go shopping”!

#2. One of our participants arrived in Toronto shortly after she got engaged

and talked about her wedding and the customs she would observe. On

graduation day we made sure she was the last one to get her certificate and

then we arranged with her friend to take pictures and we played the wedding

march and made her a crown and flowers and had someone walk her down

the aisle to get her certificate. We all had such a good time and laughed the

whole afternoon.

#1 Lost luggage! It is not funny when anyone loses their luggage. However,

what is funny is how peoples’ reactions can differ so much. Some are mad

and very upset (understandably so). Surprisingly though, most enjoy the

amount of entertainment they provide (and sympathy they receive) from their

fellow participants. I’ve seen cheers and applause when someone appears

on the first official day of the Program in their shorts and T-shirts. With their

lost luggage, all they would have with them was the clothing they wore

during Niagara Falls (where they are asked to wear casual clothing). On the

bus to Niagara they usually inform me that their luggage hasn’t arrived at

which point I get on the microphone and ask who has extra clothes that will

fit this participant. You can imagine what goes on after that (laughing). Talk

about collaboration!


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10. If you had everyone you ever met from the Toronto Centre programs in

one room today, what would you like to say to them?

This is the easiest question you have asked me so far. I would look at all of

them, smile and say “Thank you, my friends. Your friendship and support

mean so much to me and I wouldn’t have traded my experiences with you for

anything. I hope you will all keep in touch with me!”

Lesley continues to work on special projects for Toronto Centre.

Thanks Lesley, we will miss you!

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