• 2003/03/28 - Committee cautiously OK's bank mergers , Calgary Herald
• 2003/03/28 - BANK MERGER REPORT Committee report seen delaying bank mergers,GLOBE AND MAIL
• 2003/03/28 -  Voici la liste des envois sonores actualisés en ce vendredi 28 mars 2003 , Nouvelles Télé-Radio
• 2003/03/27 - Briefly Business,The Fredericton Daily Gleaner
• 2003/03/27 - Banking report expected today ,The Sault Star
• 2003/03/27 -  Bank-merger report expected today; 'Guidelines' may stir up whirlwind of big-bank wheeling and dealing The Record (Waterloo Region)
• 2003/03/27- Bank report could set off flurry of deals; A quick response by John Manley could signal green light for proposed mergers , The Hamilton Spectator
• 2003/03/27 - Few surprises expected in bank merger report ,The Chronicle-Herald
• 2003/03/27 -  Banking report expected Thursday, could set off flurry of deal-making , cpw
• 2003/03/27-  Banks await merger report: Could trigger flurry of deal-making. Finance committee's recommendations are too vague, some MPs complain Montreal Gazette
• 2003/03/27 - Merger report could trigger bank deals , The Ottawa Citizen
• 2003/03/27 - Merger mania? ,The StarPhoenix (Saskatoon)
• 2003/03/27- Report on bank mergers could spark deal-making , WINNIPEG FREE PRESS
• 2003/03/27 -Envoi sonore ,Nouvelles Télé-Radio
• 2003/03/20 -  CRISIS IN IRAQ: Liberals React Dhaliwal joins chorus in his caucus against Bush ,GLOBE AND MAIL
• 2003/03/17 - Merger of banks, insurers not high priority: Federal committee not expected to tackle matter, says key Liberal , The Telegram (St. John's)
• 2003/03/17 -  Budget likely to stall bank-merger laws ,The Record (Waterloo Region)
• 2003/03/17 - Secteur bancaire; Des députés s'interrogent sur les fusions ,Le Quotidien
• 2003/03/17 -  BANQUES ET COMPAGNIES D'ASSURANCE; Les fusions ne sont pas pour demain ,Le Nouvelliste (Trois-Rivières)
• 2003/03/17 - Cross-pillar mergers on back burner; Key Liberal says Ottawa unlikely to permit deals between banks, insurance companies , The Chronicle-Herald
• 2003/03/17 - Les fusions des banques ne sont pas pour bientôt,  L'Acadie Nouvelle
• 2003/03/17 - Federal committee not expected to tackle mergers between banks and insurers , The Whitehorse Star
• 2003/03/17- Liberal discounts any bank mergers for now ,The Leader-Post (Regina)
• 2003/03/17 - Federal committee not expected to tackle mergers between banks and insurers,  cpw
• 2003/03/17 - Merger ruling not in the wings: Bank, insurance marriage rules await definition of public interest , Edmonton Journal
• 2003/03/15 -User fees are just another tax grab,  National Post
• 2003/02/27 -  MPs mull not signing bank report mergers  , GLOBE AND MAIL
• 2003/02/24 -  Backbencher fights own party over user fees: Business is supportive , National Post
• 2003/02/24 - Grit MP fights government on user fee change: Treasury balks at proposed bill ,  Calgary Herald
• 2003/02/24 -Liberals balk at reforming user fees: Party holds up own MP's private bill which advocates transparency ,  The Ottawa Citizen
• 2003/02/17 -Commons bank merger report may be delayed: March release likely, Financial Post
• 2003/02/11 -No politics in bank merger rulings: MPs: To avoid endless debate , National Post
• 2003/02/05 - BC-Bank-Mergers, 1st Writethru,  cpw
• 2003/02/05 - Bank mergers criticized Move would hurt consumers, former TD economist and cabinet  , Globe and Mail
• 2003/01/31 -TD boss apologizes over remarks CFO's comments not 'the bank's views'  , Globe and Mail
• 2003/01/29 -Bank merger hearings off to tough start  , Globe and Mail
• 2003/01/27 - Chretien faces challenges , The Leader-Post (Regina)
• 2003/01/27- A Full Agenda External and Internal Pressures and Partisan Bickering Weigh on Prime Minister Jean Chtretien as Parliament Returns Today After the Holiday Break,   The London Free Press
• 2003/01/26 -Rock, hard place; As Parliament reopens, PM must deal with a fractious caucus, 10 demanding premiers and the threat of war , The Sunday Herald
• 2003/01/26 -  BC-WKND-Parl-Returns, Rpt,  cpw
• 2003/01/24 - External and internal pressures weigh on Chretien as Parliament resumes , cpw
• 2003/01/22 - RRSP limit may hit $21,000: Ottawa would lose tax revenue, but lift stock markets and retirement prospects ,  National Post
• 2003/01/21 - MPs angered: Liberals stunned at PM's financing reform , The Telegram (St. John's)
• 2003/01/21 -Chrétien pushes donation changes; Liberals stunned as PM puts party financing reform at top of agenda, The Moncton Times and Transcri
• 2003/01/21 -Liberals stunned as Chretien puts party financing reform at top of agenda , cpw
• 2003/01/21 -  Chretien accused of 'bravado': Liberals stunned as PM puts party financing reform at top of agenda,  The Kingston Whig-Standard
   
  

Committee cautiously OK's bank mergers

Mergers among Canada's big banks got a flashing yellow light in a major report from a parliamentary committee Thursday, which said they should be allowed to proceed, but with caution.

The House of Commons finance committee's report said mergers are a legitimate business strategy for Canada's banks. But the caveats the committee delivered were numerous. It said that if a merger were to occur, it must boost small business access to capital and offer customer service at comparable or lower prices than now.

It said banks should ensure job losses are minimal and that service in rural and remote areas is maintained. The report also put the onus on banks to show how mergers would benefit the domestic market -- not just banks' desire to become more competitive abroad.

After the report's release, a key cabinet minister urged banks to hold off on making any merger proposal until Ottawa studies the report.

"It would be premature for anyone to bring forward a merger proposal until the government has dealt with the issues raised in the committees' reports and hearings," Maurizio Bevilacqua, secretary of state for international financial institutions, said in the House of Commons.

The committee report was launched last year, when Finance Minister John Manley asked the finance committees of the two houses of Parliament, the elected House of Commons and the appointed Senate, to identify the public interest in any bank merger.

As finance minister, Manley has ultimate power over bank-merger policy and Prime Minister Jean Chretien told Parliament on Thursday the government would respond to the reports "soon."

"We're probably coming in neutral, not cheerleading (for mergers) and not putting up hurdles," committee chairwoman Sue Barnes of the governing Liberal party told reporters. "We've come to a consensus, but it wasn't easy."

The report of the Senate banking committee, released in December, will also be studied by the government. The report recommended up to two bank mergers and that the government drop its veto power on proposals that win regulatory approval.

Liberal Senator Leo Kolber, the Senate banking committee head, dismissed the Commons committee report as a "non-event" -- a sentiment shared by some parliamentarians and bank analysts.

The committee said it wanted the government to respond to its report within 90 days.

The report and the comments on the timing of a government reply helped push shares of Royal Bank of Canada, the nation's largest bank, up 47 cents to close at $58.30 on the Toronto Stock Exchange. Bank of Nova Scotia, Canada's second-biggest bank, gained 34 cents to close at $52.34.

"The committee report is pretty much what was expected and our attention now is keyed upon what response Manley gives and when," said Don Drummond, Toronto-Dominion Bank's chief economist and a former associate deputy minister of finance.

Canada's top five banks are small players on a world scale, barely ranking in the world's top 60 banks. Top executives from the big Canadian banks have stressed their need to merge so they can become players on the world scene.

Bank mergers have met with resistance in Ottawa since 1998, when the government scuttled two proposed mergers, one between Royal Bank and Bank of Montreal, and the other between Canadian Imperial Bank of Commerce and TD Bank.

"We're not going to say just because you are out of the starting blocks first (with a merger proposal) you get the (approval)," said Bryon Wilfert, Manley's parliamentary secretary.

"We don't want a first-past-the-post (system)," said Wilfert, who also sits on the House finance committee.

Another committee member, Liberal MP Roy Cullen, said the government should consider lifting its ban on bank-insurer mergers -- an issue that was raised during the hearings but excluded from the report.

In January, newspaper reports said Manulife Financial Corp. and CIBC had been in merger talks. This could not be confirmed, but Kolber endorsed the idea.

====

BANK MERGER REPORT
Committee report seen delaying bank mergers
Ottawa won't consider deals until reviews completed

With a file from reporter John Partridge

OTTAWA Ottawa won't entertain any bank merger proposals until it responds to a report from a key parliamentary committee, making it highly unlikely that the federal government will approve any deals before a new Liberal leader is chosen in November. Maurizio Bevilacqua, Secretary of State for International Financial Institutions, told Parliament yesterday that the banks should not make merger moves for at least a little while longer.

"It would be premature for anyone to bring forward a merger proposal until the government has dealt with the issues raised in the committee's reports and hearings," he said. "We have just received the report and everyone needs time to review the recommendations and deliberations of the committee."

In its 11 recommendations, the report tabled yesterday in the House of Commons said merger candidates must maintain their level of customer services without raising prices, minimize job losses, maintain loan access for small and medium-sized businesses, and guarantee existing services for rural communities.

Senior bankers said the report did little to clarify the controversial issue of mergers.

Sue Barnes, a Liberal MP from London West and the committee's chairwoman, told reporters that the committee did not recommend too many hurdles for the banks. "We are not micromanaging the financial services sector."

Although Mr. Bevilacqua has said in recent months that the government should let the banks determine their own business strategies, the committee's report states merger proposals must submit evidence to the government that their deal would be in the public interest.

The report, perhaps more important for what it didn't say than what it did, further cemented the government's role as pivotal in the merger review process. The document said merger proposals must be reviewed by the Competition Bureau, the Office of the Superintendent of Financial Institutions (OSFI) and the Commons finance committee and will still, ultimately, be judged by the Finance Minister.

The report also took no stand on the thorny issue of cross-pillar mergers -- consolidations between banks and insurance companies. Some committee members say the matter must be addressed, but Ms. Barnes said yesterday that the committee will be too busy in the coming months and that it wasn't part of its earlier mandate.

Finance Minister John Manley said last night he will respond to the committee's report in 90 days.

Last December, the parallel Senate committee provided an enthusiastic pro-merger report. That committee's chairman, Liberal Senator Leo Kolber, said he favours cross-pillar mergers.

The Commons report again unearthed the stark divisions among Liberals on the finance committee, as vice-chairman Nick Discepola dismissed the report as "non-committal.

"If I was looking for clarity," said Mr. Discepola, a Liberal MP who represents the Quebec riding of Vaudreuil-Soulanges, "that's not in there."

The financial services sector, which has been asking the government to make it clear if bank mergers would be accepted by Ottawa, was not pleased.

"This is a consumer- and small-business-friendly formula for approving bank mergers, so you can't come out of the box and say: 'We don't like it,' " one banker said.

"But my view is that the banks are not going to be happy with this. They're going to be disappointed because this whole process was about bringing more clarity so that there could be more certainty if a [merger] proposal was brought forward -- and this does very little if anything to bring more clarity and more certainty."

The issue of bank mergers continues to divide the Liberal caucus and remains a difficult one, as the government attempts to extend its hand to business while staying in touch with its Main Street roots.

If no mergers will be approved at least until the government has responded to the report, and Mr. Manley won't speak to the document until late June, a merger review of any proposal won't be completed until at least late November.

The committee report said the government should set a goal of completing the merger review process -- including the Competition Bureau and OSFI -- within five months.

The Liberals choose their next leader in November and the politics surrounding that race are also undoubtedly playing a role. Mr. Manley and former finance minister Paul Martin, who quashed two bank merger proposals in 1998, are two of the three declared candidates.

Roy Cullen, a Liberal MP who sits on the finance committee and represents the Toronto-area riding of Etobicoke North, said he can't deny that the politics surrounding the Liberal leadership race are affecting the bank merger process.

Regina NDP MP Lorne Nystrom, who is on the committee, released a minority report saying mergers are not in the public interest.

The Progressive Conservatives said the government should make the process clearer and accept bank merger proposals.

It's a difficult issue for the Canadian Alliance, which must try to represent both free markets and small towns.

Dick Harris, a committee vice-chairman who represents the B.C. riding of Prince George-Bulkley Valley, said he had no problem supporting the report.

Seeking a merger roadmap

The controversy surrounding bank marriages has swirled in Canada for years.

Jan. 23, 1998

Bank of Montreal and Royal Bank of Canada announce merger proposal.

April 17, 1998

CIBC and TD Bank unveil merger plans.

Dec. 14, 1998

Finance Minister Paul Martin rejects BMO/ Royal and TD/CIBC merger proposals.

Aug. 3, 1999

TD Bank announces deal to buy Canada Trust.

Jan. 31, 2000

Paul Martin approves TD/Canada Trust merger.

June 13, 2000

Ottawa tables new financial services legislation, which includes formal process for approving bank mergers.

Oct. 22, 2000

Federal election call kills financial reform legislation until after November vote.

Dec. 17, 2001

Sun Life offers to buy Clarica Life for $6.8-billion.

Oct. 28, 2002

Globe and Mail reports that secret merger talks between Bank of Nova Scotia and Bank of Montreal were derailed by intervention from Prime Minister's Office.

Dec. 9, 2002

Manulife Financial launches $6.4-billion hostile takeover offer for Canada Life, but is beaten out by Great-West Lifeco two months later.

Dec. 12, 2002

Senate committee says Ottawa should fuel competition in the sector.

March 27, 2003

Report by Commons finance committee, chaired by Sue Barnes, recommends that merging banks guarantee service levels and minimize job losses.

SOURCE: THOMSON FINANCIAL DATASTREAM

chronology

====

Voici la liste des envois sonores actualisйs en ce vendredi 28 mars 2003

405 _ MONTREAL (X-Liette Brousseau) 18 sec.

Les groupes de femmes du Quйbec rйclament une rencontre avec les chefs des principaux partis politiques.

On veut constater la position de Bernard Landry, Jean Charest et Mario Dumont sur quelques-uns de enjeux qui retiennent l'attention des femmes.

Parmi les principales prйoccupations, on rйclame l'accessibilitй universelle aux services d'aide aux victimes de violence conjugale, familiale et sexuelle.

Leur porte-parole, Liette Brousseau, indique que jusqu'а maintenant, la campagne n'a pas portй sur ces sujets.

A: ..."зa viendra!

TAG: On veut aussi des prйcisions sur les budgets et les plans d'action qui accompagneront l'adoption de la Loi pour lutter contre la pauvretй et l'exclusion.

406 _ HALIFAX (Andrй Gagnй) 41 sec.

C'est un arc йlectrique qui serait а l'origine de l'incendie qui a causй l'йcrasement du vol 111 de la compagnie Swissair, au large de la Nouvelle-Йcosse, le 2 septembre 1998.

Les enquкteurs du Bureau de la sйcuritй des transports ont rendu leur rapport public hier, а Halifax, sur cet accident qui a fait 229 victimes.

408 _ CAMP DAVID, Maryland (Andrй Gagnй) 39 s.

Le prйsident George W. Bush et le premier ministre de la Grande-Bretagne, Tony Blair, ont fait le point sur les opйrations en Irak hier.

Ils ont affirmй que le rйgime politique de terreur qui prйvaut en Irak perd graduellement de l'emprise.

410_ TROIS-RIVIERES (x:Jean-Jacques Gauthier) 19 s

Une йtude permet de conclure que les hommes n'ont pas la mкme perception que les femmes sur la question du crйdit et de l'endettement.

L'Association de coopйration d'йconomie familiale de la Mauricie constate que, pour les femmes, l'endettement rime avec anxiйtй et culpabilitй tandis que pour les hommes, c'est un synonyme de libertй.

Selon Jean-Jacques Gauthier de l'ACEF, la diffйrence de revenus entre les hommes et les femmes expliquerait cette situation.

A:''...consommation.''

411 _ OTTAWA ( x. Roy Cullen) 14 sec.

Le Comitй des Finances a proposй hier, а Ottawa, des critиres pour les fusions bancaires afin de garantir que l'intйrкt public sera servi.

Les grandes banques devront s'engager а minimiser les pertes d'emploi et limiter les fermetures de succursales en rйgion. Elles devront geler les tarifs des services financiers aux particuliers pendant une pйriode de transition de trois ans. En outre, les banques devront garantir l'accиs au financement pour les PME, comme l'indique le libйral Roy Cullen.

A:"...augmenter."

412 _ MONTREAL (x-Alain Pellerin) 16 s.

Le colonel canadien а la retraite, Alain Pellerin, estime que les Irakiens ne font pas le poids devant les forces armйes amйricaine et britannique notamment sur le plan aйrien.

Cependant, selon le colonel Pellerin, les Irakiens ont tirй des leзons de la guerre du Golfe en 1991. Ils sont conscients que les Amйricains et les Britanniques ont dйpкchй au-delа de 100 000 hommes, ce qui est peu, selon l'analyste militaire, compte tenu de la superficie de l'Irak.

Il explique la stratйgie des Irakiens.

A: ''...dйcouvert, hein.''

413 _ MATANE (x-Maxime Arseneau) 16 s.

Le Parti quйbйcois s'engage а favoriser le dйveloppement d'une agriculture durable, а encourager la relиve agricole et а soutenir la production biologique.

Bernard Landry s'engage а reconduire et а bonifier le plan d'investissement en agroenvironnement, qui atteindra 300 millions $ d'ici 2005-2006.

De plus, un gouvernement pйquiste s'engage а йlaborer une politique de soutien а la relиve agricole qui donnerait des incitatifs financiers comme l'indique le ministre de l'Agriculture, Maxime Arseneau.

A: "...agriculture."

414 _ MONTREAL (Pierre St-Arnaud) 43 s.

La Croix-Rouge, qui oeuvre prйsentement dans les zones de guerre comme Bassorah, sollicite l'appui financier de la population pour l'aide humanitaire.

Pendant ce temps, la division quйbйcoise de l'organisme lance deux programmes pour soutenir les Irakiens d'ici et les jeunes quйbйcois.

415 _ FREDERICTON (x-Claude Williams) 18s.

Plus de 200 personnes aux prises avec les dйsagrйments d'une ferme porcine du sud-est du Nouveau-Brunswick ont prйsentй une pйtition de 5400 noms au gouvernement Lord.

Ces citoyens sont notamment exaspйrйs par les odeurs йmanant de la ferme Metz de Sainte-Marie-de-Kent. La pйtition demande de fermer l'entreprise et d'empкcher l'йtablissement de fermes porcines а moins de 20 km de zones rйsidentielles.

Le dйputй conservateur de Kent-Sud, Claude Williams, a signй la pйtition, allant ainsi а l'encontre de la position de son gouvernement.

A:"...aujourd'hui"

416 _ HALIFAX (x-Daniel Verreault) 14 s.

C'est un arc йlectrique, qui serait а l'origine de l'incendie qui a causй l'йcrasement du vol 111 de la compagnie Swissair, au large de la Nouvelle-Ecosse, le 2 septembre 1998, faisant 229 victimes.

Dans leurs conclusions, les enquкteurs du Bureau de la sйcuritй des transports pointent le cвblage йlectrique du systиme de divertissement.

Ce systиme aurait provoquй des flammes qui se sont propagйes а la cabine de pilotage, en raison de l'utilisation d'un matйriau inflammable.

Daniel Verreault est enquкteur au BST.

A:''...produit.''

417_ MONTREAL (x-Ginette Archambault) 21 s.

La Croix-Rouge, qui oeuvre prйsentement dans les zones de guerre irakiennes, sollicite l'appui financier de la population pour l'aide humanitaire et lance deux programmes, dont un pour aider les Irakiens d'ici а rejoindre leurs familles.

Ginette Archambault, agente de secours international а la Croix-Rouge, explique les mesures mises en place afin de permettre aux quelque 1500 Irakiens du Quйbec d'obtenir des nouvelles de leurs proches.

A: " ... nord de l'Irak."

418 _ L'ASSOMPTION (x-Jacques Parizeau) 18 s.

Jacques Parizeau a fait son entrйe dans la campagne йlectorale en endossant totalement la position du chef du Parti quйbйcois, Bernard Landry, qui refuse de prйciser pour l'instant le prochain rendez-vous rйfйrendaire.

Au cours d'une allocution prononcйe devant des cйgepiens а L'Assomption, M. Parizeau a indiquй que Bernard Landry tiendra un rйfйrendum lorsqu'il se sentira prкt а le tenir.

A:''...raison.''

419 _ MONTREAL (x-Caroline Meunier) 19 s.

Dans le cadre de la campagne йlectorale, le Regroupement des groupes populaires en alphabйtisation du Quйbec prйsente aux partis ses revendications afin de favoriser l'accessibilitй а l'alphabйtisation.

Il souhaite que les candidats se prononcent sur un budget supplйmentaire et rйcurrent de 20 millions $ et une indexation des budgets pour les annйes subsйquentes, comme l'indique Caroline Meunier, porte-parole du Regroupement.

A:''...alphabйtisй.''

421_ MONTREAL (x-Pauline Marois) 20 s.

La vice-premiиre ministre Pauline Marois admet ne pas avoir calculй l'impact de la guerre dans ses prйvisions йconomiques mais elle fait valoir que, jusqu'ici, l'йconomie quйbйcoise demeure en bonne santй et que la demande interne se maintient.

Mme Marois ajoute que son gouvernement sera prкt а rйagir en cas de besoin mais elle espиre tout mкme une issue rapide du conflit irakien.

A: " ... pris."

422 _ L'ASSOMPTION (Andrй Giroux, CJLM) 46 s.

L'ancien premier ministre du Quйbec, Jacques Parizeau, a choisi de rencontrer les йtudiants du Collиge de L'Assomption pour sa premiиre sortie publique depuis le dйclenchement de la campagne йlectorale.

Andrй Giroux rйsume.

423 _ BAIE-COMEAU (x-Claudette Carbonneau) 21 s.

A Baie-Comeau, les 42 employйs en lock-out de la compagnie Cargill ont manifestй hier а l'occasion du troisiиme anniversaire du conflit de travail, le plus long actuellement observй au Canada.

La CSN attend impatiemment que le gouvernement fйdйral modifie le Code du travail et adopte le projet de loi anti-briseurs de grиve prйsentй par le Bloc Quйbйcois l'an dernier.

Claudette Carbonneau a rappelй aux libйraux de Jean Chrйtien qu'ils ont dйjа йtй en faveur d'un tel amendement. Elle estime que l'entreprise agit de mauvaise foi.

A: ''...provoquй.''

424 _ CALGARY (x-Danielle Goyette) 12 s.

L'йquipe fйminine de hockey du Canada s'est entraоnйe а Calgary hier plutфt que de s'envoler pour Pйkin en vue du championnat mondial.

Les dirigeants de l'йquipe canadienne ont respectй la recommandation de Santй Canada, qui a demandй а la population de retarder tout voyage dans les rйgions d'Asie frappйes par la pneumonie atypique ou le syndrome respiratoire aigu sйvиre.

L'attaquante Danielle Goyette йtait satisfaite de la dйcision.

A:"...ici"

425 _ OTTAWA (Marc Pйpin) 44 s.

Le premier ministre Jean Chrйtien a reconnu hier qu'une poignйe de militaires canadiens se trouvent en Irak.

La controverse sur la prйsence de 31 soldats canadiens au sein de la coalition a refait surface а la lumiиre des commentaires d'un officier anglais.

Marc Pйpin explique.

427 _ OTTAWA (x-Dr. Marc-Andrй Beaulieu) 23 s.

Le Canada effectuera le dйpistage du syndrome respiratoire aigы sйvиre, le SRAS, auprиs des passagers de vols internationaux.

La demande avait йtй faite hier par l'Organisation mondiale de la santй dans le but de freiner la propagation de la maladie. Les mesures de dйpistage seront instaurйes aux aйroports de Toronto et Vancouver.

Pendant ce temps, les mйdecins font des progrиs pour contrer le virus, comme l'explique le docteur Marc-Andrй Beaulieu, de Santй Canada.

A: ''...sans mйdicaments.''

428 _ OTTAWA (x-Jean Chrйtien) 16 s.

Le premier ministre Jean Chrйtien a admis hier qu'un petit groupe de militaires canadiens se trouvent en Irak.

Le Bloc quйbйcois a relancй la controverse sur la prйsence de 31 soldats canadiens au sein de la coalition aprиs qu'un officier britannique eut affirmй qu'ils йtaient au combat et risquaient йvidemment d'кtre tuйs ou blessйs.

Jean Chrйtien a assurй pour sa part que les Canadiens n'avaient pas pour mission de combattre.

A:"...combattants."

429 _ MONTREAL (x-Jean Charest) 17 s

Le chef libйral Jean Charest a annoncй qu'un gouvernement libйral gиlerait le tarif de l'йlectricitй jusqu'en 2010.

Par ailleurs, un gouvernement libйral instaurerait une enquкte publique indйpendante sur la gestion des forкts, afin de dйterminer l'йtat rйel de la ressource forestiиre.

Selon M. Charest, une telle enquкte est nйcessaire, malgrй que le gouvernement Landry ait dйjа annoncй, avant la campagne, la crйation d'une commission d'йtude а ce sujet, prйsidйe par Roger Nicolet.

A: ''...des forкts.''

430 _ MONTREAL (x-Bernard Landry) 16 s

Le Parti quйbйcois veut favoriser le dйveloppement d'une agriculture durable, а encourager la relиve agricole et а soutenir la production biologique.

De passage а Matane, Bernard Landry s'est engagй а reconduire et а bonifier le plan d'investissement en agroenvironnement, pour atteindre des investissements de 300 millions $ d'ici 2005-2006.

Le premier ministre souhaite une meilleure conciliation entre agriculture et environnement...

A: "...et temps."

431 _ QUEBEC (x-Mario Dumont) 15 s

L'ADQ veut simplifier la bureaucratie et augmenter l'aide financiиre aux organismes communautaires.

Faisant campagne а Quйbec, le chef Mario Dumont a dйclarй qu'un gouvernement adйquiste allouerait 30 millions $ supplйmentaires aux organismes. Il a rappelй que les rйgies rйgionales seraient abolies et que l'ADQ mettrait en place une autre structure qui gиrerait l'enveloppe budgйtaire rйgionale des organismes.

Interrogй а ce sujet, il a toutefois eu du mal а prйciser le fonctionnement de cette structure...

A: ''...porte-parole.''

432_ OTTAWA (x-John Manley) 12 s.

Les banques devront attendre au moins trois mois avant qu'Ottawa soit prкt а examiner de nouveaux projets de fusions, a averti hier le ministre des Finances, John Manley.

Ces commentaires font suite au dйpфt du rapport du Comitй des Finances qui propose des critиres pour les fusions bancaires afin d'assurer que l'intйrкt public soit servi.

Le comitй a conclu qu'Ottawa devrait permettre les fusions, en autant que les institutions puissent faire la preuve que leur projet ne contrevient pas а l'intйrкt public et que les services offerts restent accessibles.

A:"...90 jours."

433 _ MONTREAL (Rйmi Nadeau) 1m11 s.

Le Parti libйral a pris des engagements importants en matiиre de forкt et d'йlectricitй, alors que le Parti Quйbйcois a promis des montants supplйmentaires en agriculture et que l'ADQ s'est engagй auprиs des organismes communautaires.

Rйmi Nadeau rйsume cette autre journйe de campagne.

434_ QUEBEC (x-Gilles Dubй) 21 s.

Les syndiquйs de Vidйotron de l'Est du Quйbec ont emboitй le pas а leurs collиgues de l'Ouest de la province, en acceptant dans une proportion de 84 % l'entente de principe qui annonce la fin de leur conflit qui durait depuis le 8 mai 2002.

La ratification de l'entente par l'ensemble des syndiquйs pave donc la voie а la conclusion d'un nouveau contrat de travail.

Gilles Dubй, prйsident du syndicat de Vidйotron de la rйgion de Quйbec, estime que le syndicalisme sort gagnant de cette lutte qui aura durй 10 mois.

A:"...plusieurs gains."

TAG: Il faudra environ deux semaines pour que la signature d'une nouvelle convention collective ait lieu.

nk0

====

Briefly Business

TSX -27.96 6,357 Energy sector declines Dow -50.35 8,229.88 Markets pulling back on war fears Dollar+0.31 68.06 U.S. economic worries good for loonie Gold +$1.90 $330.30 US Gold biggest gainer among metals

The markets

S&P/TSX 60 - 362.36 (dn 2.11) S & P 500 - 869.95 (dn 4.79) Nasdaq - 1,387.45 (dn 3.56) Nikkei - 8,351.92, up 113.16) TSX Venture - 1,040.68 (dn 1.52 Nasdaq Canada - 226.80 up 1.08

Purolator laying off 135

MONCTON (CP) - Purolator Courier has announced it is laying off 135 people in New Brunswick and Quebec.

Company spokesman Ed Berkow ski said Wednesday that 64 people in Moncton and 71 in Montreal would be let go from their positions in customer administration.

Berkowski said the layoffs are part of an effort to streamline opera tions and improve customer service. He said recent surveys of custom ers had revealed concerns about billing procedures and service.

"These are operational changes to make it easier for our customers to deal with us. We're streamlining the process so the point of customer contact becomes more efficient."

Berkowski said Purolator has about 620 employees in Moncton. The majority, about 350, work at a call centre. The remainder work in the air cargo centre, located next to the Moncton Airport.

The layoffs are in the call centre.

Banking report coming

OTTAWA (CP) - A Commons report on bank mergers expected today could set off a flurry of deal-making on Bay Street among Canada's big banks.

However, bankers will likely hold off on any announcements until Finance Minister John Manley responds to the finance committee report.

Key elements have already been leaked, so there likely won't be any surprises, said Roy Cullen, a Liberal committee member.

"I think the issues have been well-known for some time - from access to capital, rural bank closures, access to services and treatment of employees," said Cullen.

Exporters losing edge

OTTAWA (CP) - Canada and the United States have dropped significantly in global competitive performance since the Sept. 11, 2001, terrorist attacks, concludes a report Wednesday by a Canadian manufacturer and exporter association.

The United States continued to lead all other G-7 countries, according to the report, but saw its rating on a competitiveness scale drop to 75 out of a possible 100.

Canada's rating on the scale has fallen to 50 from 62 before Sept. 11, 2001, but its ranking among other Group of Seven countries improved to No. 5 from seventh.

Tough times for automakers

TORONTO (CP) - Layoffs are mounting and more shutdowns are looming at vehicle assembly plants in Canada as automakers adjust to a slowdown in the U.S. market.

Ford Motor Co. of Canada has issued indefinite layoff notices to 150 people at an engine plant in Windsor, Ont., and scheduled week-long shutdowns at two of its three vehicle assembly plants in Canada next month and in May, union officials told the Globe and Mail.

GM Canada has tentatively scheduled a one-week shutdown for May or early June at a transmission plant in Windsor and will reduce production at a parts plant in St. Catharines, Ont.

====

Banking report expected today

OTTAWA (CP) -- A Commons report on bank mergers expected today could set off a flurry of deal-making on Bay Street among Canada's big banks.

However, bankers will likely hold off on any announcements until Finance Minister John Manley responds to the finance committee report.

Key elements have already been leaked, so there likely won't be any surprises, said Roy Cullen, a Liberal committee member. "The question will be: Does the report add any clarity?"

Sources have said the document, which Manley requested, is rather general, setting out guidelines to protect the public interest in the event of a bank merger.

Some MPs on the committee have complained its recommendations are too vague.

====

Bank-merger report expected today; 'Guidelines' may stir up whirlwind of big-bank wheeling and dealing

A Commons report on bank mergers expected today could set off a flurry of deal-making on Bay Street among Canada's big banks.

However, bankers will likely hold off on any announcements until Finance Minister John Manley responds to the finance committee report.

Key elements have already been leaked, so there likely won't be any surprises, said Liberal committee member Roy Cullen.

"I think the issues have been well-known for some time -- from access to capital, rural bank closures, access to services and treatment of employees," Cullen said. "The question will be: Does the report add any clarity?"

Sources have said the document, which Manley requested, is rather general, setting out guidelines to protect the public interest in the event of a bank merger.

Some MPs on the committee have complained its recommendations are too vague.

But bankers have said they would prefer guidelines rather than hard-and-fast standards that could tie their hands.

RECOMMENDATIONS

Sources have said the report will suggest:

Merging banks must minimize job losses.

Access to loans for small and mid-sized business must not be reduced.

Branch closures must be limited to ensure no rural community is left without one.

The review process for any merger should include the Commons finance committee.

Bankers will be carefully watching for signals from Manley. If the minister responds quickly, one banker said recently, that suggests the minister would view a merger positively.

And the first deal proposed might have the best chance of success, before too many deals begin to reduce the amount of competition in banking.

A slower response from Manley could suggest the timing still isn't right for a deal.

Manley is also deputy prime minister responsible for border issues and is busy with the U.S. war on Iraq.

PRESSURE

Still, the pressure to react will be intense.

"I think, just in fairness to the banks . . . he (Manley) might have to respond reasonably quickly because they need to know what his views are," Cullen said.

Some banks believe there will be a brief window for deal-making this spring before Ottawa becomes completely immersed in the Liberal leadership race.

Rumours are focused on Bank of Montreal and Scotiabank, whose merger was reportedly rejected last year by Ottawa but could be quickly renewed.

Expect at least two proposals in quick succession this spring, starting with those two partners, a senior banking source said recently. The first proposal will rapidly trigger at least one more merger deal.

"There's no way one will just sit on its own," the source said.

====

Bank report could set off flurry of deals; A quick response by John Manley could signal green light for proposed mergers

A Commons report on bank mergers expected today could set off a flurry of deal-making on Bay Street among Canada's big banks.

However, bankers will likely hold off on any announcements until Finance Minister John Manley responds to the finance committee report.

Key elements have already been leaked, so there likely won't be any surprises, said Roy Cullen, a Liberal committee member.

"I think the issues have been well-known for some time -- from access to capital, rural bank closures, access to services and treatment of employees," said Cullen.

"The question will be: Does the report add any clarity?"

Sources have said the document, which Manley requested, is rather general, setting out guidelines to protect the public interest in the event of a bank merger. Some MPs on the committee have complained its recommendations are too vague. But bankers have said they would prefer guidelines, rather than hard-and-fast standards that could tie their hands.

Sources have said the report will suggest:

* Merging banks must minimize job losses.

* Access to loans for small and mid-sized business must not be reduced.

* Branch closures must be limited to ensure no rural community is left without one.

* The review process for any merger should include a role for the Commons finance committee.

Bankers will be carefully watching for signals from Manley. If the minister responds quickly, one banker said recently, that suggests the minister would view a merger positively.

And the first deal proposed might have the best chance of success, before too many deals begin to reduce the amount of competition in banking.

A slower response from Manley could suggest the timing still isn't right for a deal. However, Manley is also deputy prime minister responsible for border issues and is busy with the U.S. war on Iraq. Still, the pressure to react will be intense.

"I think, just in fairness to the banks ... he (Manley) might have to respond reasonably quickly, because they need to know what his views are," said Cullen.

Some banks believe there will be a brief window for deal-making this spring before Ottawa becomes completely immersed in the Liberal leadership race.

Rumours are focused on Bank of Montreal and Scotiabank, whose merger plan was reportedly rejected last year by Ottawa, but could be quickly renewed. The banks will want to move quickly, well ahead of November's leadership convention to replace retiring Prime Minister Jean Chrйtien, said an industry source.

"No one wants this to be an issue at the leadership convention."

Expect at least two proposals in quick succession this spring, starting with those two partners, a senior banking source said recently.

The first proposal will rapidly trigger at least one more merger deal, he predicted.

That was the pattern in 1998. Soon after Bank of Montreal and Royal surprised markets -- and the federal government -- with their merger proposal, CIBC and Toronto Dominion responded with a deal of their own.

Both proposals were shot down by then-finance minister Paul Martin, who is running against Manley to replace Chrйtien.

Manley asked the House and Senate finance committees late last year to define how bank mergers could meet public interest concerns.

The Senate committee concluded a limited number of mergers would be good for the country. It also said political hearings on any deal wouldn't be necessary because reviews by the Competition Bureau and the Office of the Superintendent of Financial Institutions would suffice.

The banks have been waiting for Ottawa to signal it will permit mergers, which are legal, but have been politically frowned upon.

====

Few surprises expected in bank merger report

Ottawa - A Commons report on bank mergers expected today could set off a flurry of deal-making on Bay Street among Canada's big banks.

However, bankers will likely hold off on any announcements until Finance Minister John Manley responds to the finance committee report.

Key elements have already been leaked, so there likely won't be any surprises, said Roy Cullen, a Liberal committee member.

"I think the issues have been well-known for some time - from access to capital, rural bank closures, access to services and treatment of employees," said Cullen.

"The question will be: Does the report add any clarity?"

Sources have said the document, which Manley requested, is rather general, setting out guidelines to protect the public interest in the event of a bank merger.

Some MPs on the committee have complained its recommendations are too vague.

But bankers have said they would prefer guidelines rather than hard-and-fast standards that could tie their hands.

Sources have said the report will suggest:

Merging banks must minimize job losses.

Access to loans for small and mid-sized business must not be reduced.

Branch closures must be limited to ensure no rural community is left without one.

The review process for any merger should include a role for the Commons finance committee.

Bankers will be carefully watching for signals from Manley. If the minister responds quickly, one banker said recently, that suggests the minister would view a merger positively.

And the first deal proposed might have the best chance of success, before too many deals begin to reduce the amount of competition in banking.

A slower response from Manley could suggest the timing still isn't right for a deal. However, Manley is also deputy prime minister responsible for border issues and is busy with the U.S. war on Iraq.

====

Banking report expected Thursday, could set off flurry of deal-making

OTTAWA (CP) _ A Commons report on bank mergers expected Thursday could set off a flurry of deal-making on Bay Street among Canada's big banks.

However, bankers will likely hold off on any announcements until Finance Minister John Manley responds to the finance committee report.

Key elements have already been leaked, so there likely won't be any surprises, said Roy Cullen, a Liberal committee member.

``I think the issues have been well-known for some time _ from access to capital, rural bank closures, access to services and treatment of employees,'' said Cullen.

``The question will be: Does the report add any clarity?''

Sources have said the document, which Manley requested, is rather general, setting out guidelines to protect the public interest in the event of a bank merger.

Some MPs on the committee have complained its recommendations are too vague.

But bankers have said they would prefer guidelines rather than hard-and-fast standards that could tie their hands.

Sources have said the report will suggest:

_ Merging banks must minimize job losses.

_ Access to loans for small and mid-sized business must not be reduced.

_ Branch closures must be limited to ensure no rural community is left without one.

_ The review process for any merger should include a role for the Commons finance committee.

Bankers will be carefully watching for signals from Manley. If the minister responds quickly, one banker said recently, that suggests the minister would view a merger positively.

And the first deal proposed might have the best chance of success, before too many deals begin to reduce the amount of competition in banking.

A slower response from Manley could suggest the timing still isn't right for a deal. However, Manley is also deputy prime minister responsible for border issues and is busy with the U.S. war on Iraq.

Still, the pressure to react will be intense.

``I think, just in fairness to the banks ... he (Manley) might have to respond reasonably quickly because they need to know what his views are,'' said Cullen.

``I think he'll be inclined to give clarity in a reasonable amount of time.

Some banks believe there will be a brief window for deal-making this spring before Ottawa becomes completely immersed in the Liberal leadership race.

Rumours are focused on Bank of Montreal and Scotiabank, whose merger plan was reportedly rejected last year by Ottawa but could be quickly renewed.

The banks will want to move quickly, well ahead of November's leadership convention to replace retiring Prime Minister Jean Chretien, said an industry source.

``No one wants this to be an issue at the leadership convention.''

Montreal and Scotiabank have refused comment.

Expect at least two proposals in quick succession this spring, starting with those two partners, a senior banking source said recently.

The first proposal will rapidly trigger at least one more merger deal, he predicted.

``There's no way one will just sit on its own.''

That was the pattern in 1998. Soon after Bank of Montreal and Royal surprised markets _ and the federal government _ with their merger proposal, CIBC and Toronto Dominion responded with a deal of their own.

Both proposals were shot down by then-finance minister Paul Martin, who is running against Manley to replace Chretien.

Manley asked the House and Senate finance committees late last year to define how bank mergers could meet public interest concerns. The Senate committee concluded a limited number of mergers would be good for the country. It also said political hearings on any deal wouldn't be necessary because reviews by the Competition Bureau and the Office of the Superintendent of Financial Institutions would suffice.

The banks have been waiting for Ottawa to signal it will permit mergers, which are legal but have been politically frowned upon.

====

Banks await merger report: Could trigger flurry of deal-making. Finance committee's recommendations are too vague, some MPs complain

A Commons report on bank mergers expected today could set off a flurry of deal-making among Canada's big banks.

However, bankers will likely hold off on any announcements until Finance Minister John Manley responds to the finance committee report.

Key elements have already been leaked, so there likely won't be any surprises, said Roy Cullen, a Liberal committee member.

"I think the issues have been well-known for some time - from access to capital, rural bank closures, access to services and treatment of employees," Cullen said.

"The question will be: Does the report add any clarity?"

Sources have said the document, which Manley requested, is rather general, setting out guidelines to protect the public interest in the event of a bank merger.

Some MPs on the committee have complained its recommendations are too vague.

But bankers have said they would prefer guidelines rather than hard-and-fast standards that could tie their hands.

Sources Have Said the Report Will Suggest:

Merging banks must minimize job losses.

Access to loans for small and mid-size business must not be reduced.

Branch closINGs must be limited to ensure no rural community is left without one.

The review process for any merger should include a role for the Commons finance committee.

Bankers will be carefully watching for signals from Manley. If the minister responds quickly, one banker said recently, that suggests the minister would view a merger positively.

And the first deal proposed might have the best chance of success, before too many deals begin to reduce the amount of competition in banking.

A slower response from Manley could suggest the timing still isn't right for a deal. However, Manley is also deputy prime minister responsible for border issues and is busy with the U.S. war on Iraq.

Still, the pressure to react will be intense.

"I think, just in fairness to the banks ... he (Manley) might have to respond reasonably quickly because they need to know what his views are," Cullen said.

Some banks believe there will be a brief window for deal-making this spring before Ottawa becomes completely immersed in the Liberal leadership race.

Rumours are focused on the Bank of Montreal and Scotiabank, whose merger plan was reportedly rejected last year by Ottawa, but could be quickly renewed.

====

Merger report could trigger bank deals

A Commons report on bank mergers expected today could set off a flurry of deal-making on Bay Street among Canada's big banks.

However, bankers will likely hold off on any announcements until Finance Minister John Manley responds to the finance committee report.

Key elements have already been leaked, so there likely won't be any surprises, said Roy Cullen, a Liberal committee member.

"I think the issues have been well-known for some time -- from access to capital, rural bank closures, access to services and treatment of employees," said Mr. Cullen. "The question will be: Does the report add any clarity?"

Sources have said the document, which Mr. Manley requested, is rather general, setting out guidelines to protect the public interest in the event of a bank merger.

Some MPs on the committee have complained its recommendations are too vague, but bankers have said they would prefer guidelines rather than hard-and-fast standards that could tie their hands.

Sources have said the report will suggest:

- Merging banks must minimize job losses.

- Access to loans for small and mid-sized business must not be reduced.

- Branch closures must be limited to ensure no rural community is left without one.

- The review process for any merger should include a role for the Commons finance committee.

Bankers will be carefully watching for signals from Mr. Manley. If he responds quickly, that suggests the minister would view a merger positively.

And the first deal proposed might have the best chance of success, before too many deals begin to reduce the amount of competition in banking.

A slower response from Mr. Manley could suggest the timing still isn't right for a deal.

However, Mr. Manley is also deputy prime minister responsible for border issues and is busy with the U.S. war on Iraq.

Still, the pressure to react will be intense.

"I think, just in fairness to the banks ... he (Mr. Manley) might have to respond reasonably quickly because they need to know what his views are," said Mr. Cullen.

"I think he'll be inclined to give clarity in a reasonable amount of time.

Some banks believe there will be a brief window for deal-making this spring before Ottawa becomes completely immersed in the Liberal leadership race.

Rumours are focused on Bank of Montreal and Scotiabank, whose merger plan was reportedly rejected last year by Ottawa but could be quickly renewed.

The banks will want to move quickly, well ahead of November's leadership convention to replace retiring Prime Minister Jean Chretien, said an industry source.

"No one wants this to be an issue at the leadership convention."

Montreal and Scotiabank have refused comment.

Expect at least two proposals in quick succession this spring, starting with those two partners, a senior banking source said recently.

The first proposal will rapidly trigger at least one more merger deal, he predicted.

"There's no way one will just sit on its own."

That was the pattern in 1998. Soon after Bank of Montreal and Royal surprised markets -- and the federal government -- with their merger proposal, CIBC and Toronto Dominion responded with a deal of their own.

Both proposals were shot down by then-finance minister Paul Martin, who is running against Mr. Manley to replace Chretien.

Mr. Manley asked the House and Senate finance committees late last year to define how bank mergers could meet public interest concerns.

The Senate committee concluded a limited number of mergers would be good for the country. It also said political hearings on any deal wouldn't be necessary because reviews by the Competition Bureau and the Office of the Superintendent of Financial Institutions would suffice.

The banks have been waiting for Ottawa to signal it will permit mergers, which are legal but have been politically frowned upon.

====

Merger mania?

A Commons report on bank mergers expected Thursday could set off a flurry of deal-making on Bay Street among Canada's big banks. Key elements have already been leaked, so there likely won't be any surprises, said Roy Cullen, a Liberal committee member. "I think the issues have been well-known for some time -- from access to capital, rural bank closures, access to services and treatment of employees," said Cullen. Sources have said the report will suggest: Merging banks must minimize job losses; Access to loans for small and mid-sized business must not be reduced; Branch closures must be limited to ensure no rural community is left without one; The review process for any merger should include a role for the Commons finance committee.

====

Report on bank mergers could spark deal-making

Key elements have already been leaked, so there likely won't be any surprises, said Roy Cullen, a Liberal committee member.

"I think the issues have been well-known for some time -- from access to capital, rural bank closures, access to services and treatment of employees," said Cullen.

"The question will be: Does the report add any clarity?"

Sources have said the document, which Manley requested, is rather general, setting out guidelines to protect the public interest in the event of a bank merger.

Some MPs on the committee have complained its recommendations are too vague, but bankers have said they would prefer guidelines rather than hard-and-fast standards that could tie their hands.

Sources have said the report will suggest:

z Merging banks must minimize job losses.

z Access to loans for small and mid-sized business must not be reduced.

z Branch closures must be limited to ensure no rural community is left without one.

z The review process for any merger should include a role for the Commons finance committee.

Bankers will be carefully watching for signals from Manley. If the minister responds quickly, one banker said recently, that suggests the minister would view a merger positively.

And the first deal proposed might have the best chance of success, before too many deals begin to reduce the amount of competition in banking.

A slower response from Manley could suggest the timing still isn't right for a deal. However, Manley is also deputy prime minister responsible for border issues and is busy with the U.S. war on Iraq.

Still, the pressure to react will be intense.

"I think, just in fairness to the banks ... he (Manley) might have to respond reasonably quickly because they need to know what his views are," said Cullen.

"I think he'll be inclined to give clarity in a reasonable amount of time.

Some banks believe there will be a brief window for deal-making this spring before Ottawa becomes completely immersed in the Liberal leadership race.

Rumours are focused on Bank of Montreal and Scotiabank, whose merger plan was reportedly rejected last year by Ottawa but could be quickly renewed.

The banks will want to move quickly, well ahead of November's leadership convention to replace retiring Prime Minister Jean Chretien, said an industry source.

"No one wants this to be an issue at the leadership convention."

Montreal and Scotiabank have refused comment.

Expect at least two proposals in quick succession this spring, starting with those two partners, a senior banking source said recently.

The first proposal will rapidly trigger at least one more merger deal, he predicted.

"There's no way one will just sit on its own."

That was the pattern in 1998. Soon after Bank of Montreal and Royal surprised markets -- and the federal government -- with their merger proposal, CIBC and Toronto Dominion responded with a deal of their own.

Both proposals were shot down by then-finance minister Paul Martin, who is running against Manley to replace Chretien.

-- Canadian Press

====

envoi sonore

12h30 27.3.03

411 _ OTTAWA ( x. Roy Cullen) 14 sec.

Le Comitй des Finances a proposй aujourd'hui, а Ottawa, des critиres pour les fusions bancaires afin de garantir que l'intйrкt public sera servi.

Les grandes banques devront s'engager а minimiser les pertes d'emploi et limiter les fermetures de succursales en rйgion. Elles devront geler les tarifs des services financiers aux particuliers pendant une pйriode de transition de trois ans. En outre, les banques devront garantir l'accиs au financement pour les PME, comme l'indique le libйral Roy Cullen.

A:"...augmenter."

nkag21

====

CRISIS IN IRAQ: Liberals React
Dhaliwal joins chorus in his caucus against Bush
First cabinet minister to slam U.S. leader calls President
failed statesman over Iraq

OTTAWA BUREAU CHIEF

With a report from Jane Taber Despite warnings from Prime Minister Jean Chretien and senior ministers to cool the rhetoric, Natural Resources Minister Herb Dhaliwal has slammed U.S. President George W. Bush as a failed statesman. Liberal sources say Mr. Chretien, Foreign Affairs Minister Bill Graham and Deputy Prime Minister John Manley have all sought to limit the damage to Canada-U.S. relations by urging MPs not to attack Mr. Bush personally.

But that didn't stop Mr. Dhaliwal from criticizing the U.S. President's handling of the Iraqi crisis, saying he has failed the entire world.

"I think it's really regrettable and unfortunate that he's made this decision when the whole world is crying out for peace," Mr. Dhaliwal said.

"The world expects someone who's the president of a superpower to be a statesman. I think he's let not only Americans, but the world, down by not being a statesman."

Later, after a caucus meeting where Mr. Chretien referred to Mr. Bush as a friend, the Natural Resources Minister was more muted in his criticism, speaking only of U.S. policy.

Mr. Dhaliwal -- a long-time critic of the U.S. administration's security clampdown on immigrants -- was the first cabinet minister to condemn the U.S. President, following a long lineup of back-bench MPs who have criticized Mr. Bush's actions and motives.

Yesterday, Liberal MP Janko Peric ridiculed Mr. Bush's assertion that the United States is motivated in part by a desire to liberate the Iraqi people from the harsh regime of Saddam Hussein.

"Do you think President Bush really cares about the people of Iraq? I don't think so," he said.

In caucus yesterday, Mr. Chretien said he and Mr. Bush disagree on many issues such as abortion and capital punishment, but they do not let those differences get in the way of good relations between the two governments and the two countries. "Friends can agree to disagree," Mr. Chretien said, according to one MP.

Other Liberal MPs acknowledged that senior ministers -- including Mr. Graham and Mr. Manley -- were warning backbenchers to stick to a principled opposition to the war, rather than target Mr. Bush personally.

Toronto MP Roy Cullen refused to provide details, but said several ministers have expressed concerns to caucus members over the personal attacks on the President.

"I think we need to be careful now," Mr. Cullen said after the caucus meeting. "This is a delicate time in relations between Canada and the United States. We've taken a pretty serious decision and we don't need to rub it in their faces."

Mr. Dhaliwal's comments drew a harsh rebuke from Canadian Alliance Leader Stephen Harper and Conservative Leader Joe Clark.

Mr. Harper called Mr. Dhaliwal's statement "stupid comments from a senior member of the government."

"This is more evidence that what really drives the government's policy is a kind of anti-American sentiment rather than any real evaluation of the needs of Canadians," Mr. Harper said.

"This government, through its handling of the crisis, has put [Canadians] on the wrong side of the world community, on the wrong side of our historic allies."

Mr. Clark called for Mr. Dhaliwal's resignation. "I think Mr. Dhaliwal has got to sort out whether he wants to be a private citizen expressing private opinions or a minister of the Crown," he said.

"If he is going to express opinions of that kind, he has a perfect right to express them so long as he resigns. If he is going to remain in the cabinet, having made that statement, he should stand up in the House of Commons and withdraw it, or the Prime Minister should require him to."

Mr. Graham said he did not agree with Mr. Dhaliwal's view.

"The United States is exercising their sovereign right in their judgment, what is appropriate for them as a sovereign country to do, and I respect that decision," the Foreign Minister said.

statements

====

Merger of banks, insurers not high priority: Federal committee not expected to tackle matter, says key Liberal

OTTAWA - Despite growing interest in opening up federal laws to permit mergers between big banks and major insurance companies, that won't be happening soon, says a key Liberal on the federal finance committee.

The all-party Commons committee meets Tuesday to hammer out a final report fine-tuning Ottawa's bank merger law and some Liberal MPs think it should also consider the thorny issue of deals between banks and life insurance firms.

But there is more important business to take care of first, says Bryon Wilfert, committee member and parliamentary secretary to Finance Minister John Manley.

Once the committee finishes defining the public interest aspect of Ottawa's merger law, it must turn its full attention to new legislation putting into effect the latest federal budget, says Wilfert.

And, based on experience, that could take months.

That means cross-pillar mergers -- deals between the former pillars of the financial service industry -- will have to wait.

''If somebody wants to propose that, fine ... but I'm flagging the fact the No. 1 item the committee has to deal with after this is the budget implementation bill,'' Wilfert said in an interview.

That disappoints Nick Discepola, co-chairman of the powerful committee, who argues the banks should know the entire range of possible deals before proposing any mergers.

''We'll have to study (cross-merger issue) anyways in the upcoming year,'' said Discepola. ''So, we should be clearly evaluating ... what is in the best public policy interests of Canada.''

A delay in considering the cross-merger issue will also disappoint some of the big banks, which are showing increasing interest in such arrangements.

Melding banks and insurers make sense because such a deal would avoid some of the overlap inevitable when a bank takes over another bank, Ed Clark, chief executive of TD Bank Financial Group (TSX:TD), told the finance committee during hearings last month.

''Basically, there's no real public policy negative in allowing a bank and an insurance company to merge and create a larger Canadian competitor,'' added Scotiabank (TSX:BNS) chief executive Peter Godsoe.

Their statements came just after reports that Manley nixed a plan by Manulife Financial to buy CIBC (TSX:CM).

Reports target minister

Published reports said the finance minister derailed the Manulife-CIBC plan by declining to scrap the current federal policy that prohibits any of the big banks from merging with either of the two biggest insurers, Manulife (TSX:MFC) and Sun Life Financial.

Insurance giant Manulife went on to make a $6.4-billion bid for Canada Life (TSX:CL), following a multibillion-dollar merger earlier this year of Clarica Life Insurance and Sun Life (TSX:SLF). But Great-West (TSX:GWO) trumped the offer with a $7.3-billion deal for Canada Life.

Discepola is also pressing for limits on the number of mergers in the industry, as suggested by the Senate banking committee, but said he doubts that will fly with the Commons committee.

The final merger rules won't be known until Manley has reviewed Senate and Commons committee reports, likely later this spring.

Meanwhile, some members of the Commons committee say their final report will not follow the lead of the Senate banking committee, which has suggested politics should be taken out of the merger review process.

After its own hearings late last year, the Senate committee said Ottawa should minimize its political involvement in big bank mergers because a limited number of such deals would be good for the public and the economy.

The merger approval process should be streamlined to cut out Parliament's public interest hearings, instead relying solely on reviews by the Competition Bureau and the Office of the Superintendent of Financial Institutions, the Senate report said.

Senator Leo Kolber, chairman of the Senate committee, argued that banks shouldn't be subject to any more scrutiny than other businesses.

But banks aren't like other businesses and mega-deals must be scrutinized by MPs to protect the public interest, says Liberal MP Roy Cullen, a member of the Commons finance committee.

Job losses, branch closures and concerns about small-business financing in the event of a bank merger are all crucial issues across the country, Cullen said in an interview.

''We think there is a role for parliamentarians (in reviewing merger proposals) because the banks have a very special place in the Canadian economy. They have some unique rights and with that goes some responsibilities.

''There clearly are some public interest questions and that's what we've really got to look at.''

The committee is feeling pressure from the banks to move quickly to clarify issues around the public interest and clear their way for merger proposals, he said.

====

Budget likely to stall bank-merger laws

Despite growing interest in opening up federal laws to permit mergers between big banks and major insurance companies, that won't be happening soon, says a key Liberal on the federal finance committee.

The all-party Commons committee meets tomorrow to hammer out a final report fine-tuning Ottawa's bank merger law. Some Liberal MPs think it should also consider the thorny issue of deals between banks and life insurance firms.

But there are more important business matters to take care of first, says Bryon Wilfert, committee member and parliamentary secretary to Finance Minister John Manley.

Once the committee finishes defining the public interest aspect of Ottawa's merger law, it must turn its full attention to new legislation putting into effect the latest federal budget.

And, based on experience, that could take months. That means cross-pillar mergers -- deals between the former pillars of the financial service industry -- will have to wait.

"If somebody wants to propose that, fine ... but I'm flagging the fact the No.1 item the committee has to deal with after this is the budget implementation bill," Wilfert said.

That disappoints Nick Discepola, co-chairman of the powerful committee, who argues the banks should know the entire range of possible deals before proposing any mergers.

"We'll have to study (cross-merger issue) anyways in the upcoming year," Discepola said. "So we should be clearly evaluating ... what is in the best public policy interests of Canada."

A delay in considering the cross-merger issue will also disappoint some big banks, which are showing increasing interest in such arrangements.

Melding banks and insurers makes sense because such a deal would avoid some of the overlap inevitable when a bank takes over another bank, TD Bank Financial Group chief executive of Ed Clark said.

"There's no real public policy negative in allowing a bank and insurance company to merge and create a larger Canadian competitor," Scotiabank chief executive Peter Godsoe added.

Their statements came just after reports that Manley had nixed a plan by Manulife Financial to buy CIBC.

Insurance giant Manulife made a $6.4-billion bid for Canada Life, following a multibillion-dollar merger earlier this year of Clarica Life Insurance and Sun Life. But Great-West trumped that offer with a $7.3-billion deal for Canada Life.

Discepola is also pressing for limits on the number of mergers in the industry, as suggested by the Senate banking committee, but said he doubts that will fly with the Commons committee.

The final merger rules won't be known until Manley has reviewed Senate and Commons committee reports, likely later this spring.

Meanwhile, some members of the Commons committee say their final report will not follow the lead of the Senate banking committee, which has suggested politics should be taken out of the merger review process.

The Senate committee said Ottawa should minimize its political involvement in mergers because a limited number of such deals would be good for the public and the economy.

Senate committee chairman Leo Kolber argued that banks shouldn't be subject to any more scrutiny than other businesses.

But banks aren't like other businesses and mega-deals must be scrutinized by MPs to protect the public interest, says Liberal MP Roy Cullen, a member of the Commons committee.

Job losses, branch closures and concerns about small-business financing in the event of a bank merger are all crucial issues, Cullen said.

====

Secteur bancaire; Des dйputйs s'interrogent sur les fusions

Malgrй un intйrкt grandissant pour amender les lois et permettre les fusions dans les secteurs bancaires et d'assurances, on ne doit pas s'attendre а des changements rapides, a indiquй un membre important du Parti libйral du Canada qui siиge sur le Comitй des finances du parlement.

Alors que le comitй multipartite doit se rencontrer mardi а Ottawa pour mettre au point son rapport final sur cette question, des dйputйs libйraux s'interrogent sur l'йpineuse question de permettre de telles fusions entre les banques et les compagnies d'assurance sur la vie.

Il y a des choses plus urgentes а rйgler, a dйclarй Bryon Wilfert, secrйtaire parlementaire du ministre des Finances, John Manley, et membre du comitй. Une fois que le comitй aura dйterminй les consйquences des fusions bancaires pour le public, il devra porter son attention complиte sur la lйgislation gouvernant le plus rйcent budget fйdйral, ce qui pourrait prendre des mois.

Autant dire que les projets de fusions entre les piliers de l'industrie des services financiers devra attendre. "Si quelqu'un veut faire une telle proposition, je veux bien l'entendre, mais la prioritй numйro 1 du comitй doit кtre l'adoption de la loi sur le budget", a dйclarй M. Wilfert.

Le coprйsident du puissant Comitй des finances, Nick Discepola, s'est dit dйзu de cette prise de position. Selon lui, les banques devraient avoir une idйe complиte sur ce qu'il sera possible de faire avant d'aller de l'avant avec des projets de fusion.

"Il nous faudra йtudier зa (les projets de fusion croisйs) de toute faзon au cours de la prochaine annйe, a dйclarй M. Discepola, afin de dйterminer clairement ce qui est dans le meilleur intйrкt du public canadien."

Certaines grandes banques devraient йgalement кtre dйзues de la lenteur des progrиs dans ce domaine, elles qui montrent un intйrкt croissant pour de tels arrangements. Des fusions entre banques et assureurs permettraient d'йviter le doublage des ressources lorsque deux banques dйcident de fusionner, avait expliquй Ed Clark, prйsident-directeur gйnйral du Groupe financier de la Banque TD, devant le comitй le mois dernier.

"Fondamentalement, il n'y a aucun dйsavantage pour le public а permettre une fusion entre une banque et une compagnie d'assurance pour former un compйtiteur plus puissant", avait ajoutй le pdg de la Banque Scotia, Peter Godsoe.

Peu avant ces dйclarations, des informations avaient circulй а l'effet que le ministre John Manley avait tuй dans l'oeuf le projet de la sociйtй Financiиre Manuvie d'acheter la Banque CIBC.

Manuvie, dйjа un gйant dans le monde de l'assurance, avait aussitфt rйpliquй avec une offre de 6,4 milliards $ pour la compagnie d'assurance Canada Life. Sa concurrente, Great-West, l'a toutefois coiffйe au poteau en offrant 7,3 milliards $ pour Canada Life. Quoi qu'il en soit, les йventuels rиglements permettant les fusions ne seront pas connus tant que le ministre Manley n'aura pas pris connaissance des rapports des comitйs du Sйnat et des Communes sur le sujet, qui devraient кtre dйposйs plus tard au printemps.

A la fin de l'annйe derniиre, aprиs avoir tenu ses propres audiences sur la question, le Comitй des banques du Sйnat estimait qu'Ottawa devait rйduire ses interventions politiques sur les fusions des grandes banques, parce qu'un nombre limitй de telles fusions serait avantageux pour le public et l'йconomie.

Il faut aussi penser aux pertes d'emploi, aux fermetures de succursales et au financement des petites entreprises а la suite de telles fusions, estime pour sa part le dйputй libйral Roy Cullen, йgalement membre du Comitй des finances.

"Il y a lа des questions d'intйrкt public que nous devons examiner а fond", a-t-il ajoutй.

Toute la question est йgalement tributaire de la course au leadership du Parti libйral, signalent certains observateurs. Il y en a qui pensent que les banques pourraient tenter de faire adopter au moins un projet de fusion avant le dйpart du premier ministre Jean Chrйtien, alors que d'autres estiment qu'il vaudrait peut-кtre mieux attendre l'entrйe en fonction de son successeur probable, Paul Martin.

====

BANQUES ET COMPAGNIES D'ASSURANCE; Les fusions ne sont pas pour demain

Malgrй un intйrкt grandissant pour amender les lois et permettre les fusions dans les secteurs bancaires et d'assurances, on ne doit pas s'attendre а des changements rapides, a indiquй un membre important du Parti libйral du Canada qui siиge sur le Comitй des finances du parlement.

Alors que le comitй multipartite doit se rencontrer demain а Ottawa pour mettre au point son rapport final sur cette question, des dйputйs libйraux s'interrogent sur l'йpineuse question de permettre de telles fusions entre les banques et les compagnies d'assurance sur la vie.

Il y a des choses plus urgentes а rйgler, a dйclarй Bryon Wilfert, secrйtaire parlementaire du ministre des Finances, John Manley, et membre du comitй. Une fois que le comitй aura dйterminй les consйquences des fusions bancaires pour le public, il devra porter son attention complиte sur la lйgislation gouvernant le plus rйcent budget fйdйral, ce qui pourrait prendre des mois.

Autant dire que les projets de fusions entre les piliers de l'industrie des services financiers devra attendre.

"Si quelqu'un veut faire une telle proposition, je veux bien l'entendre, mais la prioritй numйro 1 du comitй doit кtre l'adoption de la loi sur le budget", a dйclarй M. Wilfert.

Le coprйsident du puissant Comitй des finances, Nick Discepola, s'est dit dйзu de cette prise de position. Selon lui, les banques devraient avoir une idйe complиte sur ce qu'il sera possible de faire avant d'aller de l'avant avec des projets de fusion.

"Il nous faudra йtudier зa (les projets de fusion croisйs) de toute faзon au cours de la prochaine annйe, a dйclarй M. Discepola, afin de dйterminer clairement ce qui est dans le meilleur intйrкt du public canadien."

Certaines grandes banques devraient йgalement кtre dйзues de la lenteur des progrиs dans ce domaine, elles qui montrent un intйrкt croissant pour de tels arrangements. Des fusions entre banques et assureurs permettraient d'йviter le doublage des ressources lorsque deux banques dйcident de fusionner, avait expliquй Ed Clark, prйsident-directeur gйnйral du Groupe financier de la Banque TD, devant le comitй le mois dernier.

"Fondamentalement, il n'y a aucun dйsavantage pour le public а permettre une fusion entre une banque et une compagnie d'assurance pour former un compйtiteur plus puissant", avait ajoutй le pdg de la Banque Scotia, Peter Godsoe.

Peu avant ces dйclarations, des informations avaient circulй а l'effet que le ministre John Manley avait tuй dans l'oeuf le projet de la sociйtй Financiиre Manuvie d.acheter la Banque CIBC.

Manuvie, dйjа un gйant dans le monde de l'assurance, avait aussitфt rйpliquй avec une offre de 6,4 milliards $ pour la compagnie d'assurance Canada Life. Sa concurrente, Great-West, l'a toutefois coiffйe au poteau en offrant 7,3 milliards $ pour Canada Life.

Quoi qu'il en soit, les йventuels rиglements permettant les fusions ne seront pas connus tant que le ministre Manley n'aura pas pris connaissance des rapports des comitйs du Sйnat et des Communes sur le sujet, qui devraient кtre dйposйs plus tard au printemps.

A la fin de l'annйe derniиre, aprиs avoir tenu ses propres audiences sur la question, le Comitй des banques du Sйnat estimait qu'Ottawa devait rйduire ses interventions politiques sur les fusions des grandes banques, parce qu'un nombre limitй de telles fusions serait avantageux pour le public et l'йconomie.

Il faut aussi penser aux pertes d'emploi, aux fermetures de succursales et au financement des petites entreprises а la suite de telles fusions, estime pour sa part le dйputй libйral Roy Cullen, йgalement membre du Comitй des finances.

"Il y a lа des questions d'intйrкt public que nous devons examiner а fond", a-t-il ajoutй.

Toute la question est йgalement tributaire de la course au leadership du Parti libйral, signalent certains observateurs. Il y en a qui pensent que les banques pourraient tenter de faire adopter au moins un projet de fusion avant le dйpart du premier ministre Jean Chrйtien, alors que d'autres estiment qu'il vaudrait peut-кtre mieux attendre l'entrйe en fonction de son successeur probable, Paul Martin.

====

Cross-pillar mergers on back burner; Key Liberal says Ottawa unlikely to permit deals between banks, insurance companies

Ottawa - Despite growing interest in opening up federal laws to permit mergers between big banks and major insurance companies, that won't be happening soon, says a key Liberal on the federal finance committee.

The all-party Commons committee meets Tuesday to hammer out a final report fine-tuning Ottawa's bank merger law and some Liberal MPs think it should also consider the thorny issue of deals between banks and life insurance firms.

But there are more important business to take care of first, says Bryon Wilfert, committee member and parliamentary secretary to Finance Minister John Manley.

Once the committee finishes defining the public interest aspect of Ottawa's merger law, it must turn its full attention to new legislation putting into effect the latest federal budget, says Wilfert.

And based on experience, that could take months.

That means cross-pillar mergers - deals between the former pillars of the financial service industry - will have to wait.

"If somebody wants to propose that, fine . . . but I'm flagging the fact the No.1 item the committee has to deal with after this is the budget implementation bill," Wilfert said in an interview.

That disappoints Nick Discepola, co-chairman of the powerful committee, who argues the banks should know the entire range of possible deals before proposing any mergers.

"We'll have to study (cross-merger issue) anyways in the upcoming year," said Discepola. "So we should be clearly evaluating ... what is in the best public policy interests of Canada."

A delay in considering the cross-merger issue will also disappoint some of the big banks, which are showing increasing interest in such arrangements.

Melding banks and insurers make sense because such a deal would avoid some of the overlap inevitable when a bank takes over another bank, Ed Clark, chief executive of TD Bank Financial Group (TSX:TD), told the finance committee during hearings last month.

"Basically, there's no real public policy negative in allowing a bank and an insurance company to merge and create a larger Canadian competitor," added Scotiabank chief executive Peter Godsoe (TSX:BNS).

Their statements came just after reports that Manley nixed a plan by Manulife Financial to buy CIBC (TSX:CM).

Published reports said the finance minister derailed the Manulife-CIBC plan by declining to scrap the current federal policy that prohibits any of the big banks from merging with either of the two biggest insurers, Manulife (TSX:MFC) and Sun Life Financial.

Insurance giant Manulife went on to make a $6.4-billion bid for Canada Life (TSX:CL), following a multibillion-dollar merger earlier this year of Clarica Life Insurance and Sun Life (TSX:SLF). But Great-West (TSX:GWO) trumped the offer with a $7.3-billion deal for Canada Life.

Discepola is also pressing for limits on the number of mergers in the industry, as suggested by the Senate banking committee, but said he doubts that will fly with the Commons committee.

The final merger rules won't be known until Manley has reviewed Senate and Commons committee reports, likely later this spring.

Meanwhile, some members of the Commons committee say their final report will not follow the lead of the Senate banking committee, which has suggested politics should be taken out of the merger review process.

After its own hearings late last year, the Senate committee said Ottawa should minimize its political involvement in big bank mergers because a limited number of such deals would be good for the public and the economy.

The merger approval process should be streamlined to cut out Parliament's public interest hearings, instead relying solely on reviews by the Competition Bureau and the Office of the Superintendent of Financial Institutions, the Senate report said.

Senator Leo Kolber, chairman of the Senate committee, argued that banks shouldn't be subject to any more scrutiny than other businesses.

But banks aren't like other businesses and mega-deals must be scrutinized by MPs to protect the public interest, says Liberal MP Roy Cullen, a member of the Commons finance committee.

Job losses, branch closures and concerns about small-business financing in the event of a bank merger are all crucial issues across the country, Cullen said in an interview.

"We think there is a role for parliamentarians (in reviewing merger proposals) because the banks have a very special place in the Canadian economy. They have some unique rights and with that goes some responsibilities.

"There clearly are some public interest questions and that's what we've really got to look at."

The committee is feeling pressure from the banks to move quickly to clarify issues around the public interest and clear their way for merger proposals, he said.

====

Les fusions des banques ne sont pas pour bientфt

Malgrй un intйrкt grandissant pour amender les lois et permettre les fusions dans les secteurs bancaires et d'assurances, on ne doit pas s'attendre а des changements rapides, a indiquй un membre important du Parti libйral du Canada qui siиge au Comitй des finances du parlement.

Alors que le comitй multipartite doit se rencontrer demain а Ottawa pour mettre au point son rapport final sur cette question, des dйputйs libйraux s'interrogent sur l'йpineuse question de permettre de telles fusions entre les banques et les compagnies d'assurances sur la vie.

Il y a des choses plus urgentes а rйgler, a dйclarй Bryon Wilfert, secrйtaire parlementaire du ministre des Finances, John Manley, et membre du comitй. Une fois que le comitй aura dйterminй les consйquences des fusions bancaires pour le public, il devra porter son attention complиte sur la lйgislation gouvernant le plus rйcent budget fйdйral, ce qui pourrait prendre des mois.

Autant dire que les projets de fusions entre les piliers de l'industrie des services financiers devra attendre.

"Si quelqu'un veut faire une telle proposition, je veux bien l'entendre, mais la prioritй numйro 1 du comitй doit кtre l'adoption de la loi sur le budget", a dйclarй M. Wilfert.

Le coprйsident du puissant Comitй des finances, Nick Discepola, s'est dit dйзu de cette prise de position. Selon lui, les banques devraient avoir une idйe complиte sur ce qu'il sera possible de faire avant d'aller de l'avant avec des projets de fusion.

"Il nous faudra йtudier зa (les projets de fusion croisйs) de toute faзon au cours de la prochaine annйe, a dйclarй M. Discepola, afin de dйterminer clairement ce qui est dans le meilleur intйrкt du public canadien."

Certaines grandes banques devraient йgalement кtre dйзues de la lenteur des progrиs dans ce domaine, elles qui montrent un intйrкt croissant pour de tels arrangements. Des fusions entre banques et assureurs permettraient d'йviter le doublage des ressources lorsque deux banques dйcident de fusionner, avait expliquй Ed Clark, prйsident-directeur gйnйral du Groupe financier de la Banque TD, devant le comitй le mois dernier.

"Fondamentalement, il n'y a aucun dйsavantage pour le public а permettre une fusion entre une banque et une compagnie d'assurances pour former un compйtiteur plus puissant", avait ajoutй le pdg de la Banque Scotia, Peter Godsoe.

Peu avant ces dйclarations, des informations avaient circulй а l'effet que le ministre John Manley avait tuй dans l'oeuf le projet de la sociйtй Financiиre Manuvie d.acheter la Banque CIBC.

Manuvie, dйjа un gйant dans le monde de l'assurance, avait aussitфt rйpliquй avec une offre de 6,4 milliards $ pour la compagnie d'assurance Canada Life. Sa concurrente, Great-West, l'a toutefois coiffйe au poteau en offrant 7,3 milliards $ pour Canada Life.

Quoi qu'il en soit, les йventuels rиglements permettant les fusions ne seront pas connus tant que le ministre Manley n'aura pas pris connaissance des rapports des comitйs du Sйnat et des Communes sur le sujet, qui devraient кtre dйposйs plus tard au printemps.

A la fin de l'annйe derniиre, aprиs avoir tenu ses propres audiences sur la question, le Comitй des banques du Sйnat estimait qu'Ottawa devait rйduire ses interventions politiques sur les fusions des grandes banques, parce qu'un nombre limitй de telles fusions serait avantageux pour le public et l'йconomie.

Il faut aussi penser aux pertes d'emploi, aux fermetures de succursales et au financement des petites entreprises а la suite de telles fusions, estime pour sa part le dйputй libйral Roy Cullen, йgalement membre du Comitй des finances.

====

Federal committee not expected to tackle mergers between banks and insurers

Despite growing interest in opening up federal laws to permit mergers between big banks and major insurance companies, that won't be happening soon, says a key Liberal on the federal finance committee.

The all-party Commons committee meets Tuesday to hammer out a final report fine-tuning Ottawa's bank merger law and some Liberal MPs think it should also consider the thorny issue of deals between banks and life insurance firms.

But there are more important business to take care of first, says Bryon Wilfert, committee member and parliamentary secretary to Finance Minister John Manley.

Once the committee finishes defining the public interest aspect of Ottawa's merger law, it must turn its full attention to new legislation putting into effect the latest federal budget, says Wilfert.

And based on experience, that could take months.

That means cross-pillar mergers - deals between the former pillars of the financial service industry - will have to wait.

If somebody wants to propose that, fine ... but I'm flagging the fact the No.1 item the committee has to deal with after this is the budget implementation bill," Wilfert said in an interview.

That disappoints Nick Discepola, co-chairman of the powerful committee, who argues the banks should know the entire range of possible deals before proposing any mergers.

We'll have to study (cross-merger issue) anyways in the upcoming year," said Discepola. So we should be clearly evaluating ... what is in the best public policy interests of Canada."

A delay in considering the cross-merger issue will also disappoint some of the big banks, which are showing increasing interest in such arrangements.

Melding banks and insurers make sense because such a deal would avoid some of the overlap inevitable when a bank takes over another bank, Ed Clark, chief executive of TD Bank Financial Group (TSX:TD), told the finance committee during hearings last month.

Basically, there's no real public policy negative in allowing a bank and an insurance company to merge and create a larger Canadian competitor," added Scotiabank chief executive Peter Godsoe (TSX:BNS).

Their statements came just after reports that Manley nixed a plan by Manulife Financial to buy CIBC (TSX:CM).

Published reports said the finance minister derailed the Manulife-CIBC plan by declining to scrap the current federal policy that prohibits any of the big banks from merging with either of the two biggest insurers, Manulife (TSX:MFC) and Sun Life Financial.

Insurance giant Manulife went on to make a $6.4-billion bid for Canada Life (TSX:CL), following a multibillion-dollar merger earlier this year of Clarica Life Insurance and Sun Life (TSX:SLF). But Great-West (TSX:GWO) trumped the offer with a $7.3-billion deal for Canada Life.

Discepola is also pressing for limits on the number of mergers in the industry, as suggested by the Senate bankin