Finance committee  From what we understand, the act requires that the term “federal credit union” be used.

Finance committee  Is that so?

Finance committee  We're going to review our analysis on that point.

Finance committee  No, not necessarily. The term “coopérative de crédit” has been selected. If we establish a level-two institution, we're asking that it be a commercial bank such as what exists now, before the amendments are even introduced in the context of Bill C-9, and that the term “federal credit union” be used to describe that institution to the extent it would be 100% held by the caisses populaires or credit unions.

Finance committee  Absolutely.

Finance committee  That causes no problem. We don't object to the principle at all. Moreover, as you so well said, the expression “caisse populaire” is already being used elsewhere than in Quebec, whether it be in Acadia, Manitoba or other places. The Caisses Desjardins have no pre-emptive right to reserve the name “caisse populaire”, on the contrary.

Finance committee  It would be called a “federal credit union”.

Finance committee  Based on our understanding of the act—

Finance committee  I would say that's an entirely hypothetical question. When we talk to our colleagues about changes in market share or cooperative businesses, we very rarely discuss competition amongst ourselves. The competitors are the commercial banks. The credit unions, like the Caisses Desjardins, are an important alternative—and should become increasingly important—to a more widespread model which is that of the commercial banks.

Finance committee  It's not a non-aggression agreement in that sense. However, let's say that, as regards market share, there's enough room for the credit unions and the Caisses Desjardins to grow for several more years.

Finance committee  We've had occasion in the past to speak out on the banks' demands in that regard, and the Mouvement Desjardins has never come out against them. For us, the idea of having competition or fair ground rules isn't something we find repugnant, quite the contrary, even though we sometimes hear the banks complain that the fiscal arrangements for the Caisses Desjardins are different from their own.

Finance committee  Yes, absolutely, that is correct. We see it as a good first step in answering the demands and requests of particularly the networks of credit unions of English Canada, and in that sense, we salute this initiative.

Finance committee  In fact, his brother was.

Finance committee  He was a stenographer in the House of Commons.

Finance committee  In fact, everything depends on what the House of Commons wants to do with a legal framework for a cooperative system, particularly for the credit union system. In that sense, my colleagues might perhaps be in a better position to comment on that point. In my presentation, I referred to the usefulness of the potential creation of a federation or of establishing entities related to systems.