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Oron WeklyTmnesWednesday Juiiy 7. 1999 -7 Beef on -a bun FROM PARLIAMENT HILL Bill Kimbal and Ralph Maclnniis took, the roast beef In out of the rain atNý,ewtonville's Canada Day, Beef BBQ. Around 350 guests were served at this, the i 9th Annual, New- tonville United Churcli Beef BB1Q. This wý,as the first timie in 19 years the picnic got rainied on. Guests mnoved inside to the church basement and finished their dinnjer,. NATIONAL DEFENCE DND conlstructs new accommogidation The Honourabie Art Eggleton, Minister of National Defence, announced on June 30, 1999 that the new stu- dent accommodations being bufit at the Canadian Forces Coibege in Toronto are nearing completion. The $6.13 million Department of National Defence contract for this con- struction was awarded to XOR Group Inc. of ---Mississauga, Ontario in December of 1998. These new accommodations wiIl be ready for occupancy in Auigust of 1999. 'The professional develop- ment of senior officers con- tinues to be a high priority, for the Department," said Minister Eggleton. "The new living quarters xiii faciltate a total leamning environiment, enabling students to concen- trate on their courses wvith- out having to worry about finding suitabie accommoda- tion." "This new student accom- '-modation wlll be an out- standing addition to the Canadian Forces College," said Joseph Volpe, Memnber of Parliament for Eglnton- Lawrence. 'This is a win-win situation for everyone involved- providing 100 con- struction jobs and împroved faciliies for the men and women of the Canadian Forces." "I congratulate AXOR Group Inc. on having been awarded thids important com- petitive contract. This is good news for the local economy and for the students of the Canadian Forces Coilege," said Aibina Guarnieri, Memnber of Parliament f'or Mississauga East. The Canadian Forces Coilege is a centre of excel- lence where senior officers in Canada's mnilitary receive pro- fessionai miitary education. The College has played an important role in seior-offi- cer education since it first opened as the Royal Canadian Staff Coilege in 1943. ts mission is to devel- op seiected officers for senior command and staff appoint- ments in the Canadian Forces and aliiedJ formations and staffs. AIl courses at the Canadian Forces College are open to Canadian officers while othier branches of the public service and aliied nations are lnvited to send students on individual cours- es. The Colege has recently expanded its programi to include a broader range of senflor-leadership courses. The conitract was awarded foliowing a competitive bid- ding process. This is a cost- effective tundertaking that xiii pay for itself in about seven years, saving the Canadian taxpayer about $1 miillion in accommodation allowances every year afler that. Alex Shepherd Balancing the demand by Canadians for a secure finan- clal services sector. and the need to-promote change in a globally active lndlustrY, is the Intent of the government's re sponse to a year-ong study of the financial services industiy. Canadians hlave always demanded that when they go to bed at night, they have the security of not having to worry if their savings and investmnents are being pr-- tected. For this reason, and the fact that we are a smaifll country in population, but dlversely spread over a large geographic area, we have seen a unique development in this industry. We have promroted large financial institutions who could spread their risks over divergent sectors of the economy. However, this regu- latory regime has now corne to the point of hampering our institutions from competing giobally. whlle preventing competition here at home.. The New Poiicy Framework for Canada's Financial Services Sector. ailows banks and othier financial institu- tions more flexibility. For instance, it wili expand the cheque payment system,. aliowing you to have insur- ance and mu tuai f'unds wit,!h chequing privileges. Thie prac- tice of tied-selling, that is forc- ing you to do ail your busi- ness with one institution, with the temptation of a bet- ter loan rate, will be specifi- cally prohibited. Smaiier communities wiii be assisted in two ways. Bank branches wili continue to be denied access to the auto leasing business and insur-' ance. which employ many in these smaller communities. As weii, if abankçwas to close and it was the last financial institution in a community, it wiii have to give six mnonths notice to customers. By doîng this, this will ailow the local people to try and attract other services, or work out an agreed upon arrangement with the existing institution. Since many regard the necessity of having a bank account a right to access the financil system, banks will be required to give low income customers accounts at mod- est service rates. Consumers xiii get further protection by a newly established Financil Consumer Agency. This agen- cy will report the bank's records on how they handie customner complaints. In addi- tion, an independent ombudsman is to be estab- lished. A more thorough analysis of the Iending practices to small and medium-sized businesses will be undertak- en by Statistics Canada and Industry Canada, to insure there is adequate access to capital for the small and medium-sized business sec- tor. The Superintendent of FinanciaI Institutions xiii be given more power to act faster to safeguard the security of the system. As more competi- tion becomes available there is concern that a slow moving oversight regulator wiil be unabie to adequately give Canadans he security they demand. Large financial institutions MEii have to give a report of how they have conitributed to the weii-being of' the econo- miy each year. Ini view of the privileges granted in a bank charter, I think this is oniy reasonable. The bank merger process wiil have laid down miles that specifically cali for publie inputi. The banks are already complaining that ail of this is going to be costly to them, and unnecessary, which should give us ail a feeling that we have hit the mark. Canadians want their finan- ci institutions to be worid class, but they also want to be protected from institutions they sometimes think are too large and impersonai. Just Moved? Bride TO Be? New Baby? 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