Mr. Speaker, I commend Canada's major banks for their corporate citizenship in establishing a banking industry ombudsman. This will strengthen procedures for handling complaints from small business when the operation begins on April 1, 1996. Certainly the framework is welcome news to the small business community that has often voiced its frustration in dealing with lending institutions.
In addition they have announced the appointment of their own internal ombudsman. I know that Mr. Al Horton who resides in my riding has accepted the challenge involved in becoming the first ombudsman for the Bank of Montreal.
Canadians should know that expenses to operate the system will be borne by the banks and not by the taxpayers. The new framework will benefit the small business community, a sector that is vital to the Canadian economy and to job creation in Canada.