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Large Bank Mergers in Canada: Safeguarding the Public Interest for Canadians and Canadian Businesses - Report of the Standing Committee on Finance
The Standing Committee on Finance studied the public interest implications of large bank mergers in Canada.

In October 2002, the Minister of Finance and the Secretary of State (International Financial Institutions) wrote to the Standing Senate Committee on Banking, Trade and Commerce and the House of Commons Standing Committee on Finance asking for their views on the major considerations that should apply in determining the public interest with respect to large bank mergers. They indicated that, since the release of the Merger Review Guidelines applicable to proposed mergers of banks with more than $5 billion in equity, some stakeholders had suggested that the public interest tests needed greater clarity. In particular, the letter indicated that the committees might wish to consider the public interest implications of large bank mergers in four areas:
  • The access of Canadians in all regions to convenient and quality financial services, with special attention to the disabled, low-income individuals and rural communities
  • The choice among financial service providers and the availability of financing for businesses, particularly small businesses, and Canadians
  • The creation of long-term growth prospects for Canada through more effective Canadian-based internationally competitive institutions
  • Any adjustment or transition issues, including the treatment of employees.
It was within this context that the House of Commons Standing Committee on Finance held public hearings and received input from Canadians on what they believe should be meant by the term “public interest.”

The report contains eleven recommendations, including:
  • a bank merger review process
  • merger applicants provide no less than an equivalent level and range of services to all Canadians before and after the merger
  • mergers should be subject to review by both the Competition Bureau and the Office of the Superintendent of Financial Institutions
Committee chaired by Sue Barnes, M.P. Report tabled March 2003.

Produced by the House of Commons. Published by Canadian Government Publishing, 2003.
   
Catalogue No. XC26-372-1-1-02
Price $25.00
Format Softcover
Pages 158
Language Bilingual
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This page last modified: April 11, 2003
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