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Decentralized Democracy

House Hansard - 259

44th Parl. 1st Sess.
November 30, 2023 10:00AM
Context: House Hansard - 259 - Nov/30/23
Mr. Daniel Blaikie
  • Nov/30/23 10:25:51 a.m.
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Mr. Speaker, I thank my colleague for her question. I think that one very important point raised by this acquisition relates to the environment. Clearly, RBC's strategy is based on endlessly increasing its investments in industries that produce greenhouse gases. I think that is one of the major issues the government needs to consider when deciding whether to approve this acquisition. We need a clear green taxonomy for the financial industry and for institutions that truly want to start greening their portfolios beyond mere greenwashing. The government has a role to play in encouraging institutions to make green investments like HSBC does. We do not want to see an institution like this gobbled up by one like RBC, which is clearly intent on increasing the greenhouse gases in its portfolio.
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Context: House Hansard - 259 - Nov/30/23
Mr. Ryan Williams
  • Nov/30/23 11:36:16 a.m.
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Mr. Speaker, I am happy to hear the member talk positively about consumer-led banking, but I am extremely disappointed that, after speaking this morning, he voted with the government, as he often does, to shut down debate on the RBC and HSBC merger, which is going to hurt Canadians. RBC is trying to buy 800,000 mortgage holders, which is a great thing for RBC, because it would just take them out of the market and move them into its bank. However, the reality is that 10% of Vancouver mortgage holders and 5% of Toronto's mortgage holders, in the hottest and third-hottest housing markets in all of the world, are going to be gobbled up by RBC. There is an 85-basis-point difference in mortgage rates today between the two competitors. We are going to have more people who need help in Vancouver and Toronto. They will be falling behind and paying more. By the way, it is about $400 a month more on a $500,000 mortgage, which is low for a mortgage. We should have been allowed to debate this today. There should have been a vote to shut the merger down. I am disappointed in the member because he shut debate down.
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