Ralph Goodale

[Petro-Canada, October 21st, 2004]

Mr. Speaker, I dearly wish that every strong Canadian investment banker and every strong Canadian financial institution could have been included in the transaction. Unfortunately, that was simply not possible.

It is important in these things to try to make decisions on the very best basis that is humanly possible. We sought external advice. We acted upon that advice in the best interests of Canadians. I think the fact that we achieved the single most successful transaction of its kind in Canadian history is proof that it went rather well.

[Petro-Canada, October 21st, 2004]

Mr. Speaker, this transaction was conducted by the most impeccable standards, based upon quality of expertise and the strongest possible external advice. Not every worthy candidate could be included in the syndicate.

However, I am very pleased to say that the Banque Nationale located in Quebec was one of those chosen, as was Casgrain, located in Quebec. I would point out to the hon. gentleman that not every province had a representative on the team, including five Canadian--

[Petro-Canada, October 21st, 2004]

Mr. Speaker, the sale of Petro-Canada's assets was a tremendous success. Unfortunately, however, some applicants could not be retained.

However, I am very pleased to say that we had a very strong process. It was reviewed independently by people of great stature in this country, including a former auditor general and a former governor of the Bank of Canada. The process yielded one of the most successful transactions in Canadian history.

[Petro-Canada, October 20th, 2004]

Mr. Speaker, unfortunately, in the context of this transaction, it was not possible to include every conceivable worthy applicant. We included 22 very worthy applicants. Unfortunately, it was not possible to include everyone. We did include Casgrain and the Banque Nationale.

I want to tell the hon. gentleman that we went outside the circle of the government to get professional independent advice so that I could absolutely assure myself that the transaction was conducted properly. That advice came from a former governor of the Bank of Canada and a former auditor general.

[Petro-Canada, October 20th, 2004]

Mr. Speaker, I have no knowledge whatsoever of what the corporations contribute.

However I want to tell the hon. gentleman that in order to secure the very best results, we first consulted thoroughly with the Department of Justice to make sure all the rules were complied with. Second, we consulted with senior officials in the Department of Finance with long experience in these matters. Third, we went entirely outside the government to get two independent experts to verify to us that the pattern we were following was precisely proper in the context of the transaction.

[Petro-Canada, October 20th, 2004]

Mr. Speaker, the hon. gentleman is simply mistaken.

I am proud to salute the work of the team that was created and also emphasize the fact that this transaction was an opportunity for companies from one end of the country to the other to show their talents, in particular, two Quebec companies, the Banque Nationale and Casgrain.

[Petro-Canada, October 18th, 2004]

Mr. Speaker, I am not aware of the letter to which the hon. gentleman refers, but if there is outstanding correspondence it will indeed be properly replied to, because this has been judged by all of those who watched this transaction, from near or far, as one of the single most successful transactions of its kind in the last decade in the western world.

[Petro-Canada, October 18th, 2004]

Mr. Speaker, the firms that participated in the process were in each and every case properly selected on entirely objective grounds. I am pleased to say that there were firms participating from every part of Canada, including western Canada, Ontario, Quebec and Atlantic Canada.

[Taxation, October 18th, 2004]

Mr. Speaker, apart from health care where we are contributing $41 billion more, and equalization where we are contributing $33 billion more, the Government of Canada also contributes in a whole variety of ways to relieve the financial pressures on provinces, Quebec included. I can think of highways. I can think of infrastructure. I can think of housing. I can think of the campaign against homelessness. I can think of the contributions we make to children, to the well-being of families and senior citizens.

The Government of Canada provides its full fair share.

[Taxation, October 18th, 2004]

Mr. Speaker, again let me say it is important to examine the period of time that is referred to in the report. It is a period of time when the flow of certain revenues to certain provinces other than Quebec was reduced and then increased again. In relative terms that showed a shift in numbers from one province compared to another.

Through all of that period of time, Quebec was unaffected by the limitations. Quebec always received its full fair share of equalization and the transfers for social and health purposes.