Mr. Speaker, my question is for the Minister of Industry.
The average difference between the rate of interest on bank credit cards and the Bank of Canada rate is 13.25 per cent. The rate of interest on retailers' cards borders on the indecent at 28 per cent, where it has remained essentially since 1981. In 1991, the federal
Liberals, who were then in opposition, were tearing their hair out over a difference of 10 to 12 per cent.
Given that each 1 per cent reduction in the interest rate on credit cards enables Canadian and Quebec consumers to save at least $10 million a month, why is the minister not acting to put a stop to these indecent rates?