Honourable Ernie Eves
Premier of Ontario
Legislative Building
Queen’s Park
Toronto, ON
M7A 1A1
Dear Premier:
It was with deep concern that I learned late this week that your government has launched the process to seek a buyer for the Province of Ontario Savings Office, thereby initiating the privatization of a financial institution that has served Ontario residents so very well
for decades.
The obsession of your government with unloading public services which are successful and of great advantage to our citizens is incomprehensible - all for very short term gain to make up for lost revenues from continuous tax gifts which benefit the wealthy to the greatest
extent. One wonders when these unwise and ill-conceived fire sales will end and long-term economic sensibility will emerge.
St. Catharines residents who have utilized the services of POSO over the years have been highly satisfied with its operations and have enjoyed having an alternative to the chartered banks.
As you are aware, at present, the Province of Ontario guarantees all POSO deposits. Under the terms of your recent legislation, however, federal deposit insurance coverage will cover only $60, 000 in deposits. As a result, POSO customers who have placed their life
savings in this institution would no longer have savings in excess of $60, 000 insured if the 24 branches are privatized.
By paying a better interest rate in most cases and offering lower service charges than banks, and by placing a greater emphasis on teller service, POSO has attracted loyal customers who have appreciated this alternative to the large banks.
Where Saving Office branches are the only financial institutions available for many miles, they have been a great convenience to local residents. It is highly unlikely that the chartered banks, which are often closing local branches, would fill the void for
those customers
I am writing to ask you to reconsider this decision and to do what is right for communities in which Province of Ontario Savings Offices are located. Surely the selling of Highway 407 to the private conglomerate which is now gouging its users with expensive
tolls and the attempt to sell Hydro One – both for short term cash gain to artificially balance your budget, have demonstrated the mistake that such privatization attempts have been.
The Province of Ontario Savings Office provides revenue for the people of Ontario and is an institution worth saving. Please take the opportunity to do so.]
Yours sincerely,
Jim Bradley, MPP
St. Catharines
