Mr. Speaker, I would like the ask the hon. member a brief question.
I was probably one of the few members in the House who were open minded on the bank mergers. I said to the banks and to all who would listen that as long as bank mergers did not reduce competition and did not reduce the rights of Canadians to have access to free and competitive business in the banking circles, I was willing to support them.
I look at other things that have happened with mergers since then, like the consolidation of the grocery business in eastern Canada. In Newfoundland and all through Atlantic Canada all the reports show that through the merger of a couple of large grocery retail outlets, grocery costs for every family in Atlantic Canada will go up by an average of 7% a year. We allow mergers in one sector when we will not allow mergers in another sector.
Now that we are allowing foreign banks to come into Canada and increase the competition, maybe they will just come into the big cities. Maybe they will come in and take the cream of the crop and just open branches in bigger places, in the places that are more profitable.
Equally now that we will have a more competitive banking system in Canada which will give better access to all Canadians, should we not reassess the bank mergers which were rejected primarily upon the basis that we would have a less competitive banking system?