Mr. Speaker, the announcements by the Royal Bank and the Bank of Montreal and subsequently by the CIBC and TD of their intentions to merge have changed the potential landscape of the financial sector in Canada, as referred to by my hon. colleague opposite.
These mergers, however, will not proceed without the approval of the Minister of Finance and not unless the government is convinced of the benefits to Canadians.
The government is concerned about the level of competition in the financial services sector. It is concerned about the impact of potential mergers on access to services by Canadians and possible implications for employment. Consumers, in particular those in rural areas, have expressed concerns about the possibility of reduced choice or higher fees as a result of these mergers. Small businesses are also concerned with the potential loss of face to face contact with their bankers if branches are closed.
The Minister of Finance will consider the advice of the director of the competition bureau, the office of the superintendent of financial institutions and of the task force on the future of financial institutions in determining whether to allow any merger in the banking sector to occur.
I assure the hon. member and all members of the House that Canadians will be involved in this very important process. Public consultations will be held to give Canadians the opportunity to express their views before any decision is made on these mergers. The hon. member has the opportunity to participate in that debate.