November 29th, 2002
Hon. Janet Ecker
Minister of Finance
7th Floor, Frost Building S
7 Queen’s Park Crescent
Toronto, ON
M7A 1Y7
Dear Madam Minister,
As you know, my colleagues and I have presented thousands of petitions and cards in the Legislature from people across the province who are opposed to your government’s plan to sell-off the Province of Ontario Savings Office (POSO). Today I am sending you more cards that have been sent to me.
This counter productive privatization seeks to sell an extremely well run bank, punish loyal depositors, and take a continuing source of capital away from the Province.
The POSO does not have to make a profit for shareholders and as a result its interest rates on deposits and GIC are generally better than those paid by private banks. Furthermore, its deposits represent billions of dollars the government would otherwise have to borrow on international markets. The POSO represents not
only an alternative to for-profit banks with their service fees; it is a way for citizens to invest in their own province. If the POSO depositors wanted to deal with a bank for their deposits, most of them would be doing so already.
The POSO also serves numerous small towns in rural Ontario that may or may not have a bank. Would these locations even interest a bank?
I urge you to reconsider the government’s position on this matter and stop the proposed plan to sell POSO.
Sincerely,
David Christopherson, MPP
Hamilton West
NDP Finance Critic
