moved for leave to introduce Bill C-249, an act to amend the Bank Act (bank mergers).
Mr. Speaker, the bill is put forward today due to what we believe is a pending interest of our five charter banks to conduct mergers. If the bill were enacted, it would prevent the merger of banks with each other or with other federally incorporated bodies to create one bank unless the superintendent of financial institutionsadvises the Minister of Finance that the merger is necessary to prevent an insolvency, or informs the minister that none of the applicants wishing to merge are about to become insolvent. In the latter case, the merger would have to be approved by a resolution of the Senate and the House of Commons.
(Motions deemed adopted, bill read the first time and printed)