Ottawa, September 26, 2005
Archived - Statement by the Minister of Finance on Guidelines for Large Bank Mergers
Archived information is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.
Minister of Finance Ralph Goodale today issued the following statement concerning the release of new guidelines on large bank mergers in the Canadian financial sector:
"Earlier this summer, I wrote to the finance critics in the three opposition parties, asking whether we can proceed in a serious fashion to deal with the issue of large-scale bank mergers.
"After reviewing the responses, I do not believe it would be appropriate to bring forward guidelines on such an important issue in this environment, where it runs the risk of being politicized.
"In the meantime, the Government will proceed with its review of Canada's existing legislation that governs the financial services sector. This review will deliver tangible improvements for consumer protection, streamline regulation, and create opportunities for our financial sector."
For further information, media may contact:
If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance Canada website at www.fin.gc.ca/scripts/register-eng.asp