Mr. Speaker, a statement in the Minister of Finance's excellent budget of March 6 reads:
-the present restriction on banks selling insurance will be maintained. The present framework for selling insurance through agents and brokers will be preserved. The white paper concerning this and all other aspects still under review will be released in the coming weeks.
The reaction of members of the House and Canadians generally shows that this was one of the most popular measures of the entire budget.
This prohibition of banks selling insurance to their branches should be followed by a prohibition of banks entering into the automobile leasing market. Due to the role banks play in the financing of present leasing operations they would enjoy an almost insurmountable advantage over existing automobile leasing operations.
In 1994 banks financed over 40 per cent of car leases, giving banks the additional right to be commercial lessors. This would allow them an unfair advantage over consumers, as well as seriously disadvantaged private companies involved in the vehicle leasing market.
Members of Parliament from both sides of the House should ensure that this not be allowed to happen.