September 20, 2000 (36th Parliament, 2nd Session)


Pauline Picard

Bloc Québécois

Mrs. Pauline Picard

Mr. Speaker, I thank my colleague for the information he just gave us to add to this debate.
I totally agree with him. One can wonder why this bill raises from 10% to 20% the percentage of shares of large banks that can be purchased by an individual.
The smallest bank, namely the National Bank, is based in Quebec. It is still a big bank, but, as my colleague explained, it operates in a smaller area since it is based in Quebec. An individual could hold 65% of the shares, which means that there is a greater risk of unfair competition.
A business person who holds a 65% interest in a bank like the National Bank could deny a loan to another business person, because this competitor could probably hurt his or her business. That is why we are saying that it could lead to unfair competition.
We cannot have one set of rules for the other big banks and another one for Quebec-based banks. What was the minister thinking when he decided to include this provision in the bill? Was it just another way of putting Quebec in its place?
Our economy is booming. Things are going well, but Quebec should not benefit from all that.

Topic:   Government Orders
Subtopic:   Financial Consumer Agency Of Canada Act
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