Mr. Speaker, Canadians benefit from a banking system that is one of the most stable, strong and efficient in the world. In fact just last month the International Monetary Fund released a report praising the soundness and stability of Canada's financial system, underpinned by the banking industry's strong financial position.
Canada's banks are also strong contributors to the Canadian economy. As major exporters of financial products and services, almost 50% of bank earnings are made outside the country. However, banks pay 80% of their taxes and base 90% of their jobs here in Canada. The math clearly works to our benefit.
These facts are evidence of the importance of Canada's banking industry to our economic well-being. The Canadian banking industry is making a strong contribution and deserves our recognition and respect.