There are special regulatory hurdles - only for banks. There are special reporting requirements - only from banks. And the policy paper, broadly and generally, appears to perpetuate and worsen them. There will be special market conduct and consumer protection requirements - targeted only at banks. And in that context, the decisions regarding car lease financing and in-branch insurance distribution can only be seen as deliberately punitive.
Banks are large, successful, private sector corporations.
Their shares are publicly traded, and owned primarily by millions of Canadians, including, I am certain, most of you directly, through mutual funds, often in your RRSPs, or by your pension plans. As these burdens continue, and in fact continue to increase, their ability to maintain shareholder value will be increasingly at risk. If that's the real goal and I hope it is, I am sorry to conclude by telling you we still have a long, long distance to travel.