Mr. Speaker, the big six banks are rejoicing over their early Christmas gift of $6 billion in record profits, but we know that many more Canadians cannot be part of this celebration.
While bank profits soar, so do bank service charges. On the heels of celebrating its windfall profits, the CIBC is hiking the fee for using another bank's cash machine from $1 to $1.25.
While the Bank of Canada prime rate has dropped to 3.25 per cent, the big banks continue to charge 18.9 per cent on Mastercard and 16.5 per cent on Visa.
The banks have been quick to lower the interest paid on the savings accounts of hardworking Canadians, so low that they pay only one-quarter of 1 per cent per annum on these savings.
I challenge this Liberal government to take legislative action that will bring debt relief and fair treatment to Canadian consumers, small business people, seniors and working families. They too deserve an early Christmas gift.