Mr. Speaker, I regret, because I have great regard for the member opposite, that he has it wrong. The bill does not allow foreign branching. There was an announcement at the time the bill was introduced that a foreign branching regime would be put in place by the end of the year. However, a great deal of study needed to be done about many features of the foreign branching proposal. He is not quite right on that, but he makes an important point about how that will enhance competition in certain sectors.
He is right, there is a flip side to that, which is the position of Canadian banks abroad. I can assure the member opposite that the government would not have taken the step of announcing the possibility of direct branching, as opposed to the current regime, unless it was assured that in those major jurisdictions where Canadian banks operate, namely the United States and Europe, they were gaining additional access.
If he talked to bankers today he would learn that the doors have been increasingly opening south of the border to allow greater expansion for Canadians doing business there. Recent changes, particularly under their securities acts, have made that an even more hospitable environment than just a few weeks or months ago.
I am glad the member asked the question because it gives me a chance to reinforce something which I said in French and will now say in English, that is, the establishment of the task force on the future of the financial services sector. That task force, which is under way and will report to the minister roughly 18 months hence, will address the very question of what the shape of the sector should look like, both to ensure that our institutions can be competitive internationally and to serve the needs of Canadian consumers.
That brings me to the last point, which dealt with tied selling and cross selling. I agree with the member opposite that there are a lot of terms involved which can be quite confusing. As a former competition lawyer I can tell him that it is a very interesting but complex field.
If he was concerned, as he asserts, about the ability of banks to grow and compete internationally, then I invite him, when the finance committee studies further this issue, to read up on it, do a bit of work on it, talk to people who know something about the field and share his views with the committee.