Mr. Speaker, I wish to inform you that I will be sharing my time with the member for St. John's South—Mount Pearl.
It is Halloween, and the monsters are back. This is a monster budget. I rise today to speak in this debate to oppose Bill C-43, A second Act to implement certain provisions of the budget tabled in Parliament on February 11, 2014 and other measures, as well as the undemocratic process being used by this government and the Prime Minister to amend 30 or so pieces of legislation.
As the member for LaSalle—Émard and the official opposition's critic for co-operatives, I would like to express my deep concern about this shocking process, which consists of forcing the approval of hundreds of changes without giving members of the House or the stakeholders involved time to study them.
I am especially concerned about the changes included in division 22 that will have an impact on credit unions. However, before I go into detail about division 22 of Bill C-43, I would like to remind members of the House, especially government members, of the important role our credit unions play in Canada.
Excluding Quebec, there are 317 credit unions in Canada with 1,740 branches and over 5 million members. They have assets worth over $165 billon and are present in every province of this country. The Mouvement Desjardins has 360 credit unions in Quebec with 6 million members and over $212 billion in total assets. It is the largest private sector employer in the province, supporting 40,000 direct jobs and 25,000 indirect jobs.
The numbers speak for themselves. Credit unions are a big part of our economy and financial landscape, and their contributions are extremely important. I can assure everyone that every member of the House has thousands of constituents who are members of a credit union and/or use their services.
Nonetheless, beyond the numbers, credit unions really matter to all our communities. They are in the municipalities or regions of Canada that the traditional banks have abandoned. They offer products and services that meet the needs of the people and they reinvest in their community.
What is more, credit unions are more resilient to economic uncertainties. With regard to the riding of LaSalle—Émard, I can attest to how the LaSalle caisse populaire contributes to the vitality of community organizations. It contributes a great deal to the vitality of our community organizations and our community.
Despite the major growth in credit unions and their significant financial performance, the Conservative government is introducing another bill that does not take into account their needs or the differences between them and the banks.
I have said before that the Conservative government is incapable of taking into account the unique characteristics of credit unions or recognizing the benefits of that uniqueness. The same goes for SMEs. When drafting bills, the government is incapable of taking into account the inherent differences between large companies and small and medium-sized businesses. The same goes for the co-operative movement.
This proves it. Division 22 of Bill C-43 seeks to makes changes to the regulations on credit unions. More specifically, it amends the Bank of Canada Act by eliminating the central bank's role as lender of last resort for credit unions, forcing them to rely on provincial guarantees in order to get a loan.
It also amends the Bank Act and the Co-operative Credit Associations Act in order to facilitate the entry of provincial cooperative credit societies into the federal credit union system and to discontinue supervision of provincial central co-operative credit societies by the Office of the Superintendent of Financial Institutions.
Instead of addressing the reality and the needs of credit unions— especially their request for the creation of a new tax credit enabling them to access other sources of capitalization—these amendments seek to make our financial system homogeneous by trying to subject credit unions to the same conditions and rules that apply to major banks.
Do members acknowledge that we can have a multi-faceted economy and financial system? That is what the regions, credit unions and big cities are asking for. We have to recognize that credit unions meet community needs and that chartered banks and credit unions can co-exist.
The proposed measures are once again in keeping with the Conservatives' philosophy of opposing, for ideological reasons, the expansion of the Canadian co-operative movement. The 2013 budget measures unfairly increased taxes on credit unions. The proposals in this mammoth budget bill represent an effort by the government to subject credit unions to the same rules as banks.
In other words, and I have said this before, the Conservatives are not taking into account how credit unions are inherently different. In Canada, chartered banks have their way of operating and they are favoured by the government. Meanwhile, the government does not stop creating obstacles for credit unions thereby preventing them from growing and meeting the needs of regions and communities that are not served by large financial institutions.
I am wondering whether the government would dare demand that banks rely on the same type of guarantee from the province where their head office is located in order to access Bank of Canada loans. I am also wondering whether this government consulted the provinces before proposing the risk transfer resulting from the amendment and whether it assessed what impact this measure would have on their finances.
I am concerned that the government seems to want to encourage provincial credit unions to transition to the federal system without taking into account their unique characteristics and the challenges they would face in making such a transition.
Finally, we must remind the government of the importance of working with the credit unions to find solutions that will help them to grow. This government cannot continue to ignore the demands of a sector that plays such an important role in our economy.
This government did not even include in these 460 pages provisions that would help promote the capitalization of credit unions and give them the means to assist families and small and medium-sized businesses, namely through a capital growth tax credit.
The government did not consider modifying the legal framework, which would have allowed credit unions to compete with the big banks without losing their status as a co-operative and while maintaining their commitment to serving their members.
Once again, these 460 pages do not take into account credit unions, which contribute to a sustainable, democratic and 100% Canadian economy.
I bitterly regret it, but I must oppose this monstrous bill that does not in any way take into account the interests of Canadians, co-operatives or credit unions.