July 10, 1980

ROUTINE PROCEEDINGS

FINANCE

PC

Thomas Edward Siddon

Progressive Conservative

Mr. Thomas Siddon (Richmond-South Delta):

Madam Speaker, I rise, under the provisions of Standing Order 43, to pose a motion on a matter of urgent and pressing necessity.

In view of the fact that the current pay-out formula from a registered retirement income fund allows for very small payouts in the early years of retirement and very much larger payments as the pensioner approaches his or her ninetieth year, and in view of the fact that contributors to RRSPs should be able to draw larger amounts from their pension savings in the early years of retirement when they need the money most-as demonstrated by numerous representations which have been received by the Minister of Finance-I move, seconded by the hon. member for Mississauga South (Mr. Blenkarn):

That this House direct the Minister of Finance to take the necessary action to amend the rules governing the pay-back formula from registered retirement income funds so that annual payments to pensioners can be equalized over the entire pay-back period between age 70 and age 90.

Topic:   ROUTINE PROCEEDINGS
Subtopic:   FINANCE
Sub-subtopic:   PAY-BACK FORMULA UNDER REGISTERED RETIREMENT SAVINGS PLANS-MOTION UNDER S.O. 43
Permalink
LIB

Jeanne Sauvé (Speaker of the House of Commons)

Liberal

Madam Speaker:

This motion requires the unanimous consent of the House. Is there unanimous consent?

Topic:   ROUTINE PROCEEDINGS
Subtopic:   FINANCE
Sub-subtopic:   PAY-BACK FORMULA UNDER REGISTERED RETIREMENT SAVINGS PLANS-MOTION UNDER S.O. 43
Permalink
?

Some hon. Members:

Agreed.

Topic:   ROUTINE PROCEEDINGS
Subtopic:   FINANCE
Sub-subtopic:   PAY-BACK FORMULA UNDER REGISTERED RETIREMENT SAVINGS PLANS-MOTION UNDER S.O. 43
Permalink
?

Some hon. Members:

No.

Topic:   ROUTINE PROCEEDINGS
Subtopic:   FINANCE
Sub-subtopic:   PAY-BACK FORMULA UNDER REGISTERED RETIREMENT SAVINGS PLANS-MOTION UNDER S.O. 43
Permalink

POST OFFICE

PC

Geoffrey Douglas Scott

Progressive Conservative

Mr. Geoff Scott (Hamilton-Wentworth):

Madam Speaker, I rise, under the provisions of Standing Order 43, on a matter as urgent and as pressing as next Monday, July 14, when postal stations in Ancaster and Dundas in my riding at least, and in many other Canadian communities as well, will begin closing a crucial 30 minutes earlier than the normal 5.45 p.m.

time, causing great inconvenience to many businesses in these communities.

In view of a formal letter of protest sent to the Hamilton postmaster by the mayor of the town of Ancaster, I move, seconded by the hon. member for Waterloo (Mr. McLean):

That this House directs the Postmaster General to make immediate alternative arrangements to these early closing hours in order not to create even further deterioration of Canada's postal service.

Topic:   ROUTINE PROCEEDINGS
Subtopic:   POST OFFICE
Sub-subtopic:   CRITICISM OF EARLY CLOSING OF POSTAL STATIONS-MOTION UNDER S.O. 43
Permalink
LIB

Jeanne Sauvé (Speaker of the House of Commons)

Liberal

Madam Speaker:

Such a motion requires the unanimous consent of the House. Is there unanimous consent?

Topic:   ROUTINE PROCEEDINGS
Subtopic:   POST OFFICE
Sub-subtopic:   CRITICISM OF EARLY CLOSING OF POSTAL STATIONS-MOTION UNDER S.O. 43
Permalink
?

Some hon. Members:

Agreed.

Topic:   ROUTINE PROCEEDINGS
Subtopic:   POST OFFICE
Sub-subtopic:   CRITICISM OF EARLY CLOSING OF POSTAL STATIONS-MOTION UNDER S.O. 43
Permalink
?

Some hon. Members:

No.

Topic:   ROUTINE PROCEEDINGS
Subtopic:   POST OFFICE
Sub-subtopic:   CRITICISM OF EARLY CLOSING OF POSTAL STATIONS-MOTION UNDER S.O. 43
Permalink

FINANCE

NDP

Nelson Andrew Riis

New Democratic Party

Mr. Nelson A. Riis (Kamloops-Shuswap):

Madam Speaker, I rise, under the provisions of Standing Order 43, on a matter of urgent and pressing necessity.

When the Deputy Prime Minister and Minister of Finance (Mr. MacEachen) announced on March 10 of this year that Canada would have a floating bank rate, this government effectively abdicated responsibility for the country's monetary policy. While the Bank of Canada has announced successive reductions in the bank rate, the chartered banks have chosen to pursue their own independent monetary policy, maintaining high interest rates.

The traditional spread between the central bank rate and the chartered banks' prime lending rates has increased by more than 200 per cent since April. In addition, chartered banks' profits, after taxes, in the second quarter of this year are up sharply over the same period last year. Therefore, I move, seconded by the hon. member for Beaches (Mr. Young):

That the government take immediate action to regain control over the country's monetary policy and curtail the monopolistic pricing practices of the chartered banks.

Topic:   ROUTINE PROCEEDINGS
Subtopic:   FINANCE
Sub-subtopic:   HIGH INTEREST RATES CHARGED BY CHARTERED BANKS- MOTION UNDER S.O. 43
Permalink
LIB

Jeanne Sauvé (Speaker of the House of Commons)

Liberal

Madam Speaker:

This motion requires the unanimous consent of the House. Is there unanimous consent?

Topic:   ROUTINE PROCEEDINGS
Subtopic:   FINANCE
Sub-subtopic:   HIGH INTEREST RATES CHARGED BY CHARTERED BANKS- MOTION UNDER S.O. 43
Permalink
?

Some hon. Members:

Agreed.

Topic:   ROUTINE PROCEEDINGS
Subtopic:   FINANCE
Sub-subtopic:   HIGH INTEREST RATES CHARGED BY CHARTERED BANKS- MOTION UNDER S.O. 43
Permalink
?

Some hon. Members:

No.

July 10, 1980

5.0. 43

Topic:   ROUTINE PROCEEDINGS
Subtopic:   FINANCE
Sub-subtopic:   HIGH INTEREST RATES CHARGED BY CHARTERED BANKS- MOTION UNDER S.O. 43
Permalink

CHARTERED BANKS' INTEREST RATES IN EXCESS OF BANK OF CANADA RATE-MOTION UNDER S O. 43

PC

Otto John Jelinek

Progressive Conservative

Mr. Otto Jelinek (Halton):

Madam Speaker, my motion is similar to the previous motion under Standing Order 43, also in respect of a matter of urgent and pressing necessity.

When interest rates in Canada were rising, the differential between the Bank of Canada rate and the chartered bank prime rate averaged about 1 per cent. Now that the Bank of Canada rate has been somewhat reduced, the chartered banks have not followed suit accordingly, thereby allowing the gap to triple-to nearly 3 per cent. In view of this unfair and inconsistent practice, I move, seconded by the hon. member for Mississauga South (Mr. Blenkarn):

That this House instruct the Minister of Finance to accept the responsibility for directing the financial institutions of this country to stop ripping off borrowers, particularly the struggling small businessman, and disallow the chartered banks to charge more than the traditional 1 per cent above the Bank of Canada rate.

Topic:   ROUTINE PROCEEDINGS
Subtopic:   CHARTERED BANKS' INTEREST RATES IN EXCESS OF BANK OF CANADA RATE-MOTION UNDER S O. 43
Permalink
LIB

Jeanne Sauvé (Speaker of the House of Commons)

Liberal

Madam Speaker:

Such a motion requires the unanimous consent of the House. Is there unanimous consent?

Topic:   ROUTINE PROCEEDINGS
Subtopic:   CHARTERED BANKS' INTEREST RATES IN EXCESS OF BANK OF CANADA RATE-MOTION UNDER S O. 43
Permalink
?

Some hon. Members:

Agreed.

Topic:   ROUTINE PROCEEDINGS
Subtopic:   CHARTERED BANKS' INTEREST RATES IN EXCESS OF BANK OF CANADA RATE-MOTION UNDER S O. 43
Permalink

July 10, 1980