Thank you, Madam Speaker. Madam Speaker, recently there has been controversy raised by the president of the Arctic Cooperatives Limited on the Royal Bank of Canada's announced intentions of opening a full-service branch in Cambridge Bay.
In a Member's statement on February 10th, I stated that the establishment of a debit card system is not of great benefit to residents of our communities, although it may be a new convenience for some with bank accounts.
Madam Speaker, we all recognize the importance of having a financial institution located in our regions. The availability of money depositing lending institutions with personnel familiar with the people, the communities and the region will benefit all involved. Individuals and businesses will have the benefit of financial services with locally or regionally-based decision-making authority which will eventually be familiar with the operating environment. Financial institutions will have established a new base from which to build upon in an ever-developing region.
The residents in Cambridge Bay and Kitikmeot have never had a full-service, full-time financial institution based in the region. Regardless of if it is a credit union or a full-service bank, I believe the residents of Cambridge Bay will support any financial institution which is established in the Kitikmeot, as our region is currently the only one in the NWT without these services.
Madam Speaker, senior representatives from the Royal Bank of Canada will be in Cambridge Bay on November 23rd to discuss the matter further.
Madam Speaker, I seek unanimous consent to conclude my statement.