Mr. Speaker, the public is scandalized by the billions of dollars in profit being made by the banks every year.
Despite banking fee packages, the six major banks in the country have recorded a $140 million increase in their revenue from service charges in 1999. Yesterday, the Royal Bank announced a 30% hike in certain charges, and this is likely to affect people with small amounts of savings in particular.
My question is a very simple one, directed to the Minister of Industry. When will the government be sending a clear message to the banks that these practices are totally unacceptable to consumers?