Ottawa, April 26, 2009
2009-042

Archived - Minister of Finance Releases Consultation Paper on Leasing Framework

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The Honourable Jim Flaherty, Minister of Finance, today released a consultation paper seeking views on the potential merits of allowing banks and other federally regulated financial institutions to offer financial leasing for vehicles and household property. 

"While the Canadian financial system has shown exceptional resilience amid the global financial turmoil, the Government is taking action to reinforce its stability," said Minister Flaherty. "We want to hear from Canadians on whether allowing federally regulated financial institutions to offer financial leasing for vehicles and household property would make it easier to get financing and contribute to a more competitive financial system."

Lease financing has emerged as an important way for Canadian consumers and businesses to obtain new vehicles and equipment. However, the global financial crisis has reduced its availability.

Ensuring that Canada's financial system continues to function effectively means the Government must help restore the flow of credit while supporting financial stability. Regulated financial institutions represent an important source of financing. At issue in these consultations is whether regulated financial institutions could provide a stable source of lease financing to consumers and businesses.

The consultation paper, entitled "Supporting Stable Financing – Consultations on Leasing," can be viewed on the Department of Finance website. All stakeholders are encouraged to participate in these consultations. Online submissions can be addressed to finlegis@fin.gc.ca and will be accepted until midnight, May 8, 2009.

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For further information, media may contact:

Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
913-996-8080

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