Thank you, Madam Speaker. The GNWT recently announced the awarding of its banking services to CIBC. In the January 18 press release, the Minister of Finance said the decision to remain with the bank was largely based on a combination of the service they will be providing to the government, combined with its branch network in the NWT, plans it has for community banking initiatives and their commitment for hiring more aboriginal staff.
These banking initiatives also confirm an exclusive arrangement CIBC has with the Northwest Company, for the installation of debit card terminals in various Northern Stores. Debit card service will allow card holders to pay directly for merchandise purchases, as well as receive cash from their accounts if they so desire.
Madam Speaker, I wish to point out that this new debit card service that will become available to some communities and to some consumers who have or will be able to obtain debit cards is, in fact, not of great benefit to residents of our communities. The individuals currently owning chequing accounts with banks were able to write cheques for their purchases and, in most cases, receive extra cash if required, so the availability of debit card terminals may add some convenience to the existing system. However, most of our residents will not be able to obtain debit cards or may not necessarily want them.
At this time, I do wish to commend CIBC for their efforts to provide a new service to our communities, in addition to the commercial and residential lending that the bank does in some of our communities.
I, personally, bank with CIBC and in the past have had various corporate accounts with them. From my experience, they have been the most responsive of all banks in addressing banking needs outside of Yellowknife. I look forward to any new initiatives the bank plans on implementing in improving accessibility to banking services in the communities.
Madam Speaker, my main concern with the CIBC banking proposal which has been accepted by the GNWT is the exclusive arrangement the bank has made with the Northwest Company for the installation of debit terminals in their various stores.
Madam Speaker, I seek unanimous consent to conclude my statement.