Request for Bank Mergers on Federal/Provincial Meeting

Finance Minister Don Downe has asked the federal minister to put the issue of bank mergers on the agenda for the next federal provincial finance minister's meeting.

"I know many Nova Scotia consumers and businesses are concerned about the implications of the proposed mergers," said Mr. Downe. "We are particularly worried about the impact the proposals would have on competition within the financial services industry and the potential job losses in Nova Scotia."

In the letter sent last week to Federal Finance Minister Paul Martin, Minister Downe asked that the provinces be given an opportunity to have formal input into the current review of the financial services industry. The letter suggests that Minister Martin provide an update on the federal review process at the June meeting, and open discussion on how the provinces can be more formally involved.