Thank you, Mr. Chairman.
I apologize to the presenters today; I was out defending my private member's bill before I got here, and then there were votes, and so on. I'm very familiar with the topic and I appreciate the time you've put in here. So I may ask a question or two that have been already answered, but I would like to know what the answer is.
My friend from the New Democratic Party is from a different type of riding from mine. I'm from Burlington, Ontario. We have banks on every corner. I can tell you that my constituency office is in a building in a Burlington mall, and there is a bank machine, and 30 feet away there is another white label machine. We have banks and bank opportunities virtually everywhere in my riding. I try to use my own bank—which will go unnamed—to try to reduce as many fees as possible that I have to pay.
There are two issues that I want to be clear on for my constituents. There was an indication that the banks actually own the white label companies, or they finance them. Well, they finance lots of businesses, but they are actually the owners, and what they're doing is abandoning the marketplace so that white label companies can take their place and charge more, and then eventually, through profits, the banks would make more.
Is that an accurate statement? Maybe Mr. O'Connell can answer that. I don't know.