Mr. Speaker, I listened to my colleague deliver yet another speech in the House of Commons. He is known as an individual who delivers quite a few speeches and that speaks to his dedication to the things that are important to Canadians. As well, he and I have shared many days and nights in the finance committee, and I can tell everyone that very few people work as hard as he does.
I am interested in the broader issue related to an issue that I think needs to be addressed as Canadian financial institutions deal with key issues and pressures like demography, globalization and competition in the broader global context. Of course my hon. colleague would know that I am referring to the issue of the merger review process as it relates not only to banks but also to the cross pillar option.
In the 21st century economy, where financial institutions play an important role, I would think that Canada should in fact have clear guidelines that relate to merger possibilities, not only for banks, as I said, but possibly also for insurance companies as well. While there is in fact a review mechanism in place that speaks to the importance of going through the Competition Bureau and OSFI, the public interest assessment portion of the merger review process is still very unclear.
I want to ask my hon. colleague if he feels that in a country like ours in this century where financial institutions are facing not only domestic competition but also competition from abroad, and as the entire financial service sector redefines itself given all these pressures, whether or not he feels that it is perhaps time for the Government of Canada to clearly outline to the financial institutions what the merger review process is.
These words I am saying should not be misinterpreted to mean that I am in favour of or against mergers, because at the end of the day they will be evaluated according to their merit, but I do want to hear from my hon. colleague what he feels about the fact that it is still not very clear what financial institutions need to do if in fact they want to engage in a merger.