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Ottawa, September 15, 1998
1998-089

Minister of Finance Comments on Financial Sector Report

Finance Minister Paul Martin, responding to the public release of the Report of the Task Force on the Future of the Canadian Financial Services Sector today, issued the following statement:

"On behalf of the Government of Canada, I want to thank Chairman Harold MacKay, Vice-chair Pierre Ducros and all members of the Task Force, for their efforts in preparing this report.

"The Report contains a number of important recommendations with respect to strengthening the protection of consumers, and ensuring a consumer-responsive financial services sector. The Task Force further makes the important point that a dynamic and competitive financial services sector will be essential to provide a core foundation for the continuing success of Canada's economy.

"A key consequence of this Report will be to encourage and inspire public discussion and debate on the important issues it raises. That is why we are referring it immediately to the House of Commons Standing Committee on Finance, whose hearings will allow Canadians from coast to coast to share their views and concerns. It is these views that will play a defining role in shaping the government's final decision on the observations and recommendations advanced by the Task Force.

"The Task Force has also raised the issue of how future bank mergers should be addressed. This government wants to make clear that no major bank merger would be allowed to proceed without public hearings on that specific merger proposal. This will guarantee that the people of Canada will have every chance to be heard, because it is the interests of all Canadians that will determine the final decision.

"Finally, the essence of the Report is very clear: that the public interest and consumer interest must provide the basis for any decision on the future of the financial services sector."

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