Ottawa, September 26, 2005

Archived - Statement by the Minister of Finance on Guidelines for Large Bank Mergers

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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:

Pat Breton
Press Secretary
Office of the Minister of Finance
(613) 996-7861

David Gamble
Public Affairs and Operations Division
(613) 996-8080

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