Mr. Speaker, I cannot let this opportunity pass without making a comment.
My read on the bank merger was that the danger of having the big banks merge at this time was the amount of exposure to Canada's economy that would be incurred if our banking institutions merged. In the context of a world economy where we have major disasters like the Asian flu, I think the Minister of Finance showed genuine prudence in putting off, at least for now, the prospect of a merger. If there were to be a major loss with these merged banks it could have a catastrophic effect on the economy.
I point out to the member opposite that the CIBC experienced this past year a major downturn and very significant losses. I suggest that we keep our comments closer to the truth. It is not just a matter of competition; it is a matter of the safety of our fiscal and economic nationalism.