Mr. Speaker, I clearly said that the government has to begin very quickly to change the competitive environment of the financial industry in Canada. Then and only then could mergers be considered in a new light and then and only then could they be approved on the particular merits of each merger. I am sure that is what the member heard me say but did not reflect in his question.
With regard to the auto leasing and insurance businesses, we are convinced in our party that the insurance business is well served by the people involved in it. It is a vibrant industry. It is very competitive. We think Canadian people are well served by the current structure of the insurance industry, as well as the auto leasing industry.
If a sector of the industry as large as the banks were to enter into either of those two industries, given their vast databases and the information they have it would have profound effect on both industries. We do not think it would be beneficial.
Therefore our position was stated in my report. I would be glad to send the member a copy of it. It clearly states that is not advisable that banks be permitted to retail insurance products at their branches or enter the auto leasing business.