Thank you, Mr. Speaker. Today I would like to rise to speak briefly on the issue of the proposed merger of the Royal Bank and the Bank of Montreal and the possible implications, most of which are probably negative to the Northwest Territories. Mr. Speaker, this is one of the biggest economic news items that has come along in some time, and initial thoughts that I have heard indicate that there is up to 9,000 jobs potentially lost and that the biggest impact will be felt by small jurisdictions and rural communities. Mr. Speaker, in Fort Smith we are very sensitive to any kind of issue that relates to the banks because a few years ago the CIBC pulled up stakes arbitrarily and left us high and dry as a community and it is only because the Bank of Montreal was persuaded to come to town that we do have banking facilities. I want to ensure that, in fact, there is no impact that would cause a loss of those services.

Mr. Speaker, I will be asking the Premier later today if he will, in fact, write to the Prime Minister and to the special committee that is reviewing this proposed merger so that he can raise issues on behalf of all northerners not just Fort Smith. Those communities that have Royal Banks and the Bank of Montreal like Yellowknife, like Iqaluit could possibly face significant job loss if there is a rationalization and a common combining of the banks. We have to ensure that there is no increase in service charges and in consumer costs to pay for this merger. We have to be sure in pursuit of being a global competitor so that like in the mid 80s and earlier 80s where the banks made bad investments down in South America and we, Canadians, had to pick up the price tag that we do not ever repeat that. So, Mr. Speaker, this, I see, is a very critical issue that will affect all northerners and a lot of individual communities. As I indicated, I will be approaching the Premier to, in fact, act on our behalf and write to the Prime Minister. Thank you.

--Applause