FOR IMMEDIATE RELEASE June 19, 2002
Government still trying to sneak through POSO sale, OPSEU says
The Eves government won’t be able to privatize the Province of Ontario Savings Office (POSO) without a fight, says OPSEU President Leah Casselman.
A new Bill dealing with the proposed sale, tabled quietly the day after the Budget, shows the government is still trying to do away with the 80-year old provincial savings bank and turn it over to Bay Street investors.
The people of Ontario want the government to leave the POSO in public hands, says Casselman, representing 150 staff at the provincial savings bank.
“OPSEU members working at POSO tell us their customers are extremely upset with the government over this issue. Thousands of POSO depositors in places like Seaforth and St. Mary’s have signed petitions saying they don’t want to be forced to deal with a private bank,” she says. “In many communities in rural and Northern
Ontario, POSO is the only bank they have.”
There is an ironic twist to this issue, Casselman says. Minister of Finance Janet Ecker is now promoting Ontario Savings Bonds for their “competitive rate; an investment that stays right here at home to help build for the future.” In a news release she says the OSBs “give people an opportunity to invest in their
province, where they live and work … and are backed 100 per cent by the Province of Ontario.”
“We agree, and all of these positives apply equally as well to the Savings Office, which the government wants to unload. Where is the logic in this?” Casselman asked. “ Instead of selling the POSO, we should expand its service and use the money to rebuild our public services after seven years of destruction.”
The POSO serves 17 Ontario communities with 23 branches, more than 100,000 accounts and over $2.8 billion on deposit, which is invested in Ontario’s public services.
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For more information:
David Cox 416-443-8888 x314
Or visit us at: http://www.opseu.org/campaign/posoindex.htm
