For Immediate Release

TORONTO, ONTARIO, March 29, 2012 – The Canadian Bankers Association (CBA) today commented on the 2012 federal budget. The CBA agrees with the government’s continuing efforts to create a fiscal and investment environment that supports economic growth and prosperity for Canada.

In the budget the federal government continues to recognize that Canada’s financial system is one of the soundest, most resilient and best regulated financial systems in the world. In particular, the CBA highlighted the following budget items relating to the financial services sector:

  • The CBA applauds the federal government for its continued commitment to Pooled Registered Pension Plans (PRPPs) and we encourage consultations with provinces to ensure PRPPs can be made available to all Canadians. The government has introduced legislation to implement, PRPPs which will provide a new, accessible, large-scale and low-cost pension option to employers, employees and the self-employed. PRPPs will give all working Canadians the benefits of professionally-managed pension plans, and will be particularly beneficial to the self-employed and employees of small businesses.
  • The CBA is pleased that the government is continuing to consult with provinces and territories on the creation of a single securities regulator, a number of which have reaffirmed their interest in working on a cooperative basis towards this end.
  • The government has announced its intention to eliminate the penny from circulation, citing the savings to taxpayers and its reduced purchasing power. Given the banking industry's role in the handling of currency, banks will be pleased to work with the government on this process in an effort to ensure a smooth transition for the benefit all stakeholders and individual Canadians.

About the Canadian Bankers Association

The Canadian Bankers Association works on behalf of 53 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 267,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. www.cba.ca

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For more information:
Rachel Swiednicki, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: rswiednicki@cba.ca