Thank you, Madam Speaker. Much has been written, Madam Speaker, about the new economy. Mr. Martin, the federal Minister of Finance, referred to it in his budget speech a few days ago. A recent visitor to Yellowknife and Hay River, Mr. Mazankowski, the former federal Minister of Finance, also referred to the fact that we are living in changing times. We have to look at economics in a new way. Many economists today believe, Madam Speaker, that banks have an important role to play in the transition from an economy based on resources and manufacturing to one based on knowledge and information. It is not only because banks control capital, Madam Speaker, but they have an important role to play. They are a major part of our Canadian culture.

Unfortunately, despite this, banks in the Northwest Territories are, at best, an alien system that is very much on the periphery of many of the things that affect people's lives. We have been unsuccessful, in my opinion, in developing financial institutions, with which you can have a viable economy.

So if there is one thing we do need it is to address the very first recommendation that our Special Committee on Northern Economy made about four years ago, we have to come to terms with the banking problem. Our government has not responded to that in a way that is going to make much difference. Banking is not going to be part of people's lives and until you get personal economy and access to institutions which control, not just capital, but information, we are not going to get a very good economy.

Many of us last night, including Mr. Todd, went to visit with the directors of the Arctic Co-op. They have been pushing for some years to look at the Credit Union system. I urge the government to have another look at it to see if there is one way in which we could support that happening.