Mr. Speaker, it gives me a great deal of pleasure to respond to at least one of the concerns the distinguished member for Cumberland—Colchester has presented.
In the policy framework released on October 26 I stated that our vision for the 21st century is a safe and healthy Canadian airline industry capable of competing with the biggest and best airlines in the world, serving all parts of the country at fair prices and controlled by Canadians for Canadians.
In that context the Government of Canada asked parliamentarians for their input on among other things whether increasing the current 10% limit on individual shareholdings in Air Canada to a new level would contribute to achieving a healthy Canadian controlled airline industry. The Government of Canada has benefited from the views of parliamentarians expressed in the reports from the standing committees of both Houses in finalizing the legislation which we now have introduced.
The government has decided to raise the individual ownership limit for Air Canada from 10% to 15%. This increase formed part of the exchange of letters outlining commitments that Air Canada made to the government in order to gain approval for its takeover of Canadian Airlines last December. Air Canada has stated that it is satisfied with the government's decision.
The government believes that this increase will allow greater investment while providing Air Canada with the stability it needs during this transition period. This change accords with the government stated intention in the policy framework to ensure that we have a safe, healthy, Canadian controlled air industry that meets our domestic and international requirements and the needs of Canadians well into the 21st century.