Mr. Speaker, with respect to the issue about how banks are different from the neighbourhood grocery store, we all have to keep in mind that we are talking about regulated financial institutions that have a responsibility to serve society according to a prescribed framework and set of laws. There is a responsibility upon the government to ensure that those regulated financial institutions live up to their obligations as set out under the law. We are dealing with something quite different than corner grocery stores.
As the government itself acknowledged in a discussion paper, and as I said earlier, a regulated financial institution is a privilege, not a right. There are certain powers and benefits that have been bestowed upon the banks and that commitment to the Canadian people has to be honoured.
On the question about viability and serving communities, I want the member to know that I am not just talking about people living in poverty who need to find access to basic bank accounts. I am talking about entire communities that happen to be inner city, older neighbourhoods, not suburbia and wealthy communities, that are being abandoned by the banks because they are just not producing a big enough profit for the bank in question. I am not talking about keeping banks open that are not profitable.
In the case of Winnipeg North Centre, eight bank branches have closed in just five years. There is no information about whether or not they were profitable because the banks are not forthcoming and because the government does not require them to prove that they are profitable.
The legislation makes provision for a consultation process in the event that there might be seen to be some negative impact on the community. I am telling all members that there is a huge impact on my community. I do not think it is probably different from a lot other rural communities and older neighbourhoods.
The fact of the matter is the banks are calling the shots. They do not have to prove whether or not they are making a profit. They do not have to deal with the impact on the consumers, citizens and the spirit and health of that whole community. They are abandoning communities and we will have to pay the price down the road. The government has a responsibility to hold the big banks to account for that basic principle and to ensure some element of decency on that whole question of how many bank branches are reasonable, where they should be and what communities should have access to them.