Thank you, Mr. Chair.
I'll vote in favour of Mr. Hallan's motion, but I'd like to point out a few things.
I understand why the merger needs to happen. HSBC has the right to sell its Canadian operations. My political party and I understand that. However, we also know that there is an equilibrium among the big Canadian banks, which are all similar in size. The fact that it's the biggest of them, Royal Bank, that wants to buy HSBC worries me because it will make the banking sector less balanced.
We also know that HSBC's environmental policies are more rigorous than Royal Bank's. If Royal Bank acquires HSBC, the financial sector's climate change commitments could take a hit, and that worries me too.
I would like to raise what I think is another very important consideration. Bill C‑56 is before the House now. Part 2 of the bill would expand the Competition Bureau's powers to review transactions. The review of whether Royal Bank should be allowed to acquire HSBC was therefore done by a more anemic version of the Competition Bureau that had no real powers, as we've come to see in recent years. In my opinion, one very interesting approach that could provide some reassurance would be to ask the Competition Bureau to re-evaluate this proposed transaction once Bill C‑56 has been passed and implemented and the Bureau has more teeth. Ideally, some other financial institution would acquire HSBC's Canadian operations.
That, in a nutshell, is why I will support the motion put forward by my colleague, Mr. Hallan.