Mr. Speaker, Canadian banks continue to contribute greatly to the Canadian economy.
In 1996 alone, banks paid $4.9 billion in taxes and levies to government and paid over $2.3 billion to their shareholders, the people of Canada. Unions, businesses and the general public own over 90 per cent of bank shares. Since most bank shares are owned by the people, when banks make a profit, the people profit.
Banks have recently introduced initiatives such as implementing a code of conduct, offering alternative dispute resolution and appointing both internal and national ombudsmen.
Banks in my community have contributed to university funds, have supported charities such as the Snowsuit Fund and have helped many youth organizations to name a few.
As you can see, banks are not all bad.