Mr. Speaker, my question is for the Secretary of State for International Financial Institutions.
The central bank rate has been set at the lowest levels we have seen in decades, at around 3%. At the same time, interest rates for popular credit cards such as Visa and MasterCard are hovering at 18%, six times the bank rate. Traditionally, credit cards have moved up and down with the bank rate and the spread has been around 10%, but not since 1995. The spread is now more than 16% at a time when consumer credit debt has achieved levels that are unsurpassed.
My question for the minister is, what is the Government of Canada doing to protect Canadian consumers from the avarice of our credit--