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Mr. Speaker, I thank the parliamentary secretary for his comments.

What I heard is that the government is once again opening the door to demutualization instead of encouraging mutualization and co-operatives.

We must keep in mind that the capital held by most Canadian mutual insurance companies was built up over many years. How can all of the successive generations that invested in these companies be treated fairly in the demutualization process?

That is exactly why we proposed that a reserve be returned to the community when demutualization occurs. That could help co-operatives and mutual companies grow.

The parliamentary secretary also emphasized the importance of the banking system. We all know that Canada's banking system is very solid, but mutual companies have a role to play in a diversified economy. We do not want a system made up solely of share capital; we also want companies with an alternative structure—grass-roots companies that create jobs.

I would like the government to take that into account and, for the sake of fairness, that it find a way to ensure the survival of mutual companies.

What does the Minister of Finance plan to do to ensure that mutual insurance companies can thrive, remain competitive and offer Canadians—

Hélène LeBlanc

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Adjournment Proceedings

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