Madam Speaker, the member for Vancouver East brings forth a very interesting issue but something that would have perhaps been even more difficult to do in a modern context even a few years ago.
Banks sometimes may be the only visible financial institution within a small town. They obviously would benefit from revenues from profits from Visa cards, small business loans, mortgages and all the financial products they sell. It is very difficult in this modern context to look at companies such as Citicorp, ING Direct or many other companies that are basically virtual banks which provide their products by electronic media. Obviously their direct investment within those communities or even in the country would be essentially nil.
This has provided Canadians with more competition and more choice. I support categorically being able to put a ratio in terms of what their investments would actually be. This is why I am a little reticent from my perspective to merely bank bash. The issue is far more complex than it use to be.
When we deregulated financial sector institutions on February 14, 1997, we said it was okay for Citicorp, MNBA and ING to have access to some small business loans, profitable mortgages, personal loans or even credit card business. Yet the banks were losing some of their most profitable dollars. Now they are in a situation where they are hard pressed to find new products to deliver to maintain their position.
As I said before, bank bashing is not in anybody's interest. One out of every two Canadians owns a bank stock in some way, shape or form. The role of parliament and the role of legislation is to keep financial institutions in check and to define roles and regulations that are responsive to consumers.
I compliment the member for Vancouver East on her commitment to having a regime that would ensure that low income Canadians are not discriminated against at our banks.