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Ottawa, June 18, 2002
2002-053

Consultation on Cooperative Banking in Canada Extended

The Department of Finance today announced that it would extend the comment period for its ongoing study of cooperative banking options until October 4, 2002.

Submissions were originally expected by July 5, 2002, but an extension was granted pursuant to feedback from stakeholders, who suggested that a longer comment period would be necessary to ensure that all interested parties have sufficient time to share their views on the possible establishment of a cooperative bank framework in Canada.

Comments received during this process will help to determine whether there is sufficient consensus among stakeholders, including industry representatives, provincial governments, regulators, and the general public, to move forward with legislation implementing a cooperative bank model.

The consultation process began with the release of a discussion paper on April 2, 2002, which is available on the Department of Finance Web site at www.fin.gc.ca.

Details on how to submit written comments and information on the Government’s consultations process can be found in the discussion paper.

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