An Act to amend the Bank Act (bank amalgamations)

This bill was last introduced in the 39th Parliament, 2nd Session, which ended in September 2008.

This bill was previously introduced in the 39th Parliament, 1st Session.

Sponsor

Pat Martin  NDP

Introduced as a private member’s bill. (These don’t often become law.)

Status

Not active, as of June 19, 2006
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

The purpose of this enactment is to prevent the amalgamation of banks with each other or with federally incorporated bodies to create one bank, unless the Superintendent of Financial Institutions advises the Minister of Finance that the amalgamation is necessary to prevent an insolvency or informs the Minister that none of the applicants wishing to merge is about to become insolvent. In the latter case, the merger would have to be approved by a resolution of the Senate and House of Commons.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Bank ActRoutine Proceedings

June 19th, 2006 / 3:15 p.m.
See context

NDP

Pat Martin NDP Winnipeg Centre, MB

moved for leave to introduce Bill C-335, An Act to amend the Bank Act (bank amalgamations).

Mr. Speaker, many of us feel that Canadians are not well served by the mergers of our large charter banks. The charter banks were given the rights to certain financial practices, very lucrative ones such as credit card transactions, in exchange for providing basic services to Canadians in whatever part of the country they live.

These megamergers in the Canadian financial sector, which seem to be about to take place again, do not serve Canadians well. We want to put forward legislation to put specific guidelines, rigid criteria under which we may allow the charter banks to merge. They do not deserve their charter if they are not living up to their end of their charter which is to provide good service to Canadians in the financial services sector.

(Motions deemed adopted, bill read the first time and printed)