Thank you.
Good morning ladies and gentlemen. Thank you for coming to this meeting on credit card issues. My first question is for Options consommateur.
The Bloc Québécois was the one who originally moved the motion that was passed by all our colleagues, that is to study the issue of credit cards. We were originally motivated to suggest this study because the consumers are the ones suffering this situation. The purpose was to resolve this situation. I expected rather strong recommendations from your organization, which represents consumers.
Someone said earlier that the banks appeared before us last week. We asked them what percentage of their profits came from issuing credit cards. They are supposed to be sending us that information. They are the only ones who can benefit from the current system, that is, a system that allows them to set interchange fees at their discretion, with no obligation to negotiate at all. Retailers therefore have to pass the costs of this system on to the consumers.
Your first two recommendations refer to the Competition Bureau. You even state that: "[...] the Competition Bureau should initiate an investigation into the profit levels associated with charges on the use of credit and debit cards [...]". In your third recommendation you suggest that the government do the following: "[...] undertake a consultation on the changing patterns of electronic funds transfer, including credit and debit cards and their regulation;"
In other words, you are recommending that other studies be undertaken. I would be disappointed, as a parliamentarian and as a member of Parliament, if we chose to do that. We are hoping to recommend solutions to improve the situation, and not simply to submit this to the Competition Bureau. We know where that will lead. That organization has often been asked to deal with the issue of fuel prices, which fluctuate significantly. Yet we have never gotten any concrete results. Personally I wouldn't give them very many mandates.
You referred to the illiteracy and financial inability of some consumers. Should we not be looking at that? Do you not think you should recommend that the interchange fee related to the use of their card be indicated on their bill? Earlier on my colleague asked you if you would be in favour of indicating the charges to retailers for using credit cards. The grocers here today seem to favour the idea of regulations. Those haven't yet been defined. Do you not think the government should take that route?