Mr. Speaker, I am aware of the legislation, being less than a half a mile from the state of Michigan. It has that type of legislation because of some of the problems it had in its inner cities and its need to force large financial institutions to meet their responsibilities by providing funds to the local communities.
I must admit I have a mixed response in terms of whether that would be of much assistance. My general comment would be to strengthen the credit union movement because it does not need the legislation. The credit unions are already there and doing that. They fund all sorts of endeavours.
I can think of some endeavours in my local area. We badly needed an arena because there was not one in the local geographical area. The credit union movement, in this case the caisse populaire, was instrumental in arranging the financing for the arena. The county could not get it from the big banks. We already do that. I am not sure that we need legislation as far as the credit unions.
Do we need it as far as the banks begs the question. It is obvious that we do. The difficulty I have with that legislation is the lack of interest on the part of the banks to carry it through. Even though we could pass the law that would require and mandate them to spend a certain percentage of their funds, make them available for lending purposes and provide service in the local community, it would be done without any enthusiasm on their part. It is important that a financial institution be committed to the local community in that regard.
If we pass the legislation, I am doubtful about any kind of a positive reaction from the banking institutions. From my talks with some of them in regard to that kind of legislation, they have responded with less than great enthusiasm.