Mr. Speaker, we have introduced that legislation today. It will mean that foreign banks can come into Canada using the capital which they have on a global basis to support their lending activities here in Canada.
This legislation brings Canada into line with the accepted practice throughout the western world. It has been encouraged by all of our financial institutions, as well as the MacKay task force, the finance committee of the House of Commons and of the other place.
We look forward to the co-operation and support of all members.