The Future Of Banking Canadian Essay Research — страница 4

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possibly to consumers as well, at least in the long term. We are hearing from some that, on the whole, the financial services sector is serving Canadians very well – that it provides significant employment and is one of the world’s most responsive systems to consumer needs. Some contend that there are too many lower-income Canadians who do not have access to basic financial services and who have real difficulty in cashing cheques, even if drawn on a government. There continue to be concerns about the availability of finance to small and medium sized businesses and knowledge based industries. ?There are growing worries related to privacy, particularly as financial institutions grow and expand their scope and as technology increasingly permits the storage and analysis of

detailed personal data. “It has ensured that our major banks continue to be Canadian owned. This pattern of domestic ownership of the banking system is a feature of all developed countries, even though they all are open to foreign competition. I also think that domestic ownership of clearing banks is important to the Treasury, Finance and central banking authorities around the world because of the importance of such banks to their economies and payment systems. Not one of the developed countries would allow any of their major clearing banks to be controlled by foreigners, even though there may be no laws in place to prevent a takeover. They will pass special legislation if administrative action won’t work. This is certainly true of the US, the UK, western European countries

and Japan. In my opinion, they are right to hold this position. Allowing foreign control of the banking system would seriously impinge on any nation’s sovereignty.”(unnamed treasury department offical. “We have, I am convinced, the basic platform in Canada on which to build a strong financial services sector for the 21st century. We must however have the boldness to change, even to propose radical change, where it is needed. On the other hand, we must resist tinkering and succumbing to requests from any stakeholder which will not be for the greater national good. It will, no doubt, be a difficult balancing job. However, we see it as a vital one for our country and my colleagues and I on the Task Force and our staff will be working hard to achieve these goals.”(Harold H.