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Ottawa, March 10, 2003
2003-022

• Cooperative Bank Assessment Report

The Department of Finance released today its report on the consultations on the establishment of a cooperative banking model in Canada.

The consultation process, which concluded in late 2002, sought the views of stakeholders, financial regulators and members of the public on options for cooperative banking in Canada, including the possibility of establishing credit unions as federally regulated banks.

The Department received 16 submissions during the consultation process. Based on these submissions, it believes that there is no clear consensus on which cooperative bank model would be preferable and on whether the development of a cooperative bank framework is desirable at this time. Notwithstanding this lack of consensus, the Government remains committed to fostering a strong and competitive cooperative sector in Canada.

The recent report by the House of Commons Standing Committee on Finance recommended that the Government remove impediments to growth for credit unions. The Department will continue to work with the cooperative sector to find ways of meeting the industry’s needs on a timely basis.

The Department of Finance’s Cooperative Bank Assessment Report may be viewed on the Department’s Web site at the address shown below.

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