Mr. Speaker, the Toronto Dominion Bank and the Bank of Montreal announced substantial increases in 1995 profits last week. Their profits rose 17 per cent and 19.5 per cent respectively over last year.
While these figures may earn the industry the respect of its shareholders, they are also drawing criticism from small and medium size business owners. We have all heard their frustration at the banking industry's reluctance to lend to the small business sector. We know it plays a critical role in our economy. That is why we are working hard to foster a new environment of opportunity for it.
We cannot do it alone. It is our view that the banks have a special obligation to assist small businesses in obtaining financing. Let us hope their increased profits motivate them to fulfil that important obligation.