Madam Speaker, earlier I had asked one of the opposition members a question about the authority to approve foreign acquisitions by banks being returned to the minister in this legislation. The global banking crisis has highlighted additional risk factors that support more oversight to keep our financial system secure and, therefore, this legislation will require ministerial approval when a federally regulated financial institution acquires a major foreign entity that significantly increases its assets by more than 10%. I wonder if the member could comment on the particular two criteria that the minister would consider.
In the House of Commons on March 27th, 2012. See this statement in context.