Mr. Speaker, first of all, the European regulations do not pertain to just one country. They affect all of Europe. That law was introduced Europe-wide. Every member of the European Union is affected by it.
Second, what my colleague is forgetting and what is very important is that credit card companies do business with banks, but banks do not own credit cards. The member might be confused about that.
The nationalization of banks is an old ghost from the 60s. It would cost Canada hundreds of billions of dollars or more. Ironically, these banks often own pension funds, including the Canada pension plan and the Quebec pension plan.
How can I say this? Why nationalize something that already belongs to us?