Whitby Free Press, 18 Sep 1985, p. 19

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WH-ITBY FREE PRESS. WLDNESDAY, SEPTEMBER 18, 1985, PAGE 19 In speech to Ontario Riding Tories.... Banlk rules must be tightened, MP says By JAN DODGE Free Press Staff If the government doesn't tighten up on regulations for banks and other financial in- stitutions now, tax- payers will have ta, pay later the House of Commons finance committee chairman told ares Conservatives last Sunday. Speaking ta the On- tario Riding Progressive Conser- vative Association at the Thunderbird Golf Club in Ashburn, Don Blenkarn, MP for Mississauga South, said the finance committee wants better inspection supervision and lending practices. 'We want aur inspec- tors to be able to go into institutions without notice, audit boans, and check valuations. (He said that at the failed Canadian Commercial Bank a repossessed building such as a shop- ping centre might ap- pear as a $10 million asset where in reality it could. not be sold for more than $2 Million.) "If things are not as they should be, we would issue cease and desist orders. If there were breaches of the regulations, wp would prosecute the direc- tors," Blenkarn said. Referring ta the bankruptcy of the Canadian Commercial Bank and the shakey condition of Northland Unanimous council ruling overturned.... Brunelie disillusioned by OMB's, décision to approve Blair St. plan *Bank Blenkarn said, -We weren't elected soon enough." He said the problems had been building for years. There had been inept management from the Department of Finance and inattention on the part of the Inspector General. He said they did not operate a system-to en- sure savings. The banks made boans and advan- ces that should neyer have been made, and he said there were many scams. Renxarks that the Alberta banks had the national energy policy and Trudeau on their side, but not luck drew laughter-from the Con- servative audience. He said the gaver- nment had tried ta keep the banks ostensibly in good standing with a support package because the Canadian dollar was under attack, and Canada had an- nounced to the world that it had sottnd banks. He said that unfor- tunately the gover- nment had received wrong information, so the support did not work. Blenkarn said the government would look after some uninsured depositors, some of who GOLDEN GATE, fers a wide selection ot 107 Brock Street South, Whltby 668-2222 This popular. 30.year oîd Chinese restaurant has recently in- Iroduced Szechuan Cuisine for those who like hot, spicy dishes. n addition 10 ils Chinese tare the Golden Gale also ot- would damage Canada's international reputation if it didn't. "The country owes $200 billion. If we told the international com- munity that we won't pay our bills, our in- terest rates would go up by two or three per- cent." He said it was a case of "Pay me now or pay me later." Most other insured depositors he said would be unable ta carry out their obligations if the government didn't sup- port them, such as the town of St. Catherines which had a large ln- vestment in the CCB. He said if government didn't pay them now it would have ta pay later in the form of unem- ployment and other types af assistance. In answer ta questions from the floor Blenkarn said if the government is going ta pay depositors it would iden- tify them. With tighter banking regulations he said it would be more difficult for small businesses to get money, but with a reasonable reputation there should be no trouble. The problem Blenkarn said was not Canadian dishes. The Bo-Bo platter and their chicken flîngers are two speclalîties worth trying. Perfect for lun- ch or dinner. Open f rom il ta 2 arn. daily. Frlday and Saturday until 3 ar. Fully licenses. Dîne-mn and fast home delivery. bush inses but wit fuinncinghihuflyers Tiacghe wel-tended rihingassocatn brun chn hasansocaCorn- servativ ars.oa Cn sevTe sprgamwa cheîredb o iation phredntenesoeiten who int rodued em-n beonrsooucilfrom Pieringfand Ajax, in- PckdingtheirAmayors,- anudiR on. Ge ayrry ammdfRego Witb y Sc fott ennil, M fo oto dng in-M fo Otrioedthespeker Trouedwerse asoerie speee re o prin- sciahemrGorge- caheand William Nsemandformer m TNemnbfrunch as su- Tesfubnd he exsu- pectatibon 0fthex orgtatnies oe te srai teyhadsold 180 stice) ad iwslong8 ters)lunh imebeflore some erechsierve Tiethol ers had oriialexpected t heriSinlair Setevens, Me iner Seginsn dunstr o ExpionIn dseabuwEnxepan-n celafetwhdy eore n the brunch Blenkarn agreed to substitute. Lé Is see you do A" qiipuu By SUSAN LESJAK Free Press Staff A reent Ontario Municipal Board decision in which the board ruled against the Town of Whitby bas lef t one councillor disillusioned with the political process. doesn't seem rigbt that an outside body should arbitrarily reverse the cammunity's decisian. " The "arbitrary" judgement ta which Brunelle is referring is the OMB's ruling that the town did not act with just cause when iL r-- - MARCEL BRUNELLE I "The issue is sa fun- damental," said Centre Ward Coun. Marcel Brunelle. ".When the en- tire muicipal council and every reasonable persan agrees that something is not good for the community, it denied the, zoning change requested by Oak Road Holdings Ltd. last spring. The bylaw amendment was sought by the company in order ta clear the way for residential development on the east side af Blair Street. Council opposed the application on the grounds that Blair Street was slated ta become one of the town's main arterial roads. The driveways of the proposed homes will back directly onto the thoroughfare, explained Brunelle, creating an impediment to the smooth flow of traffic. The town also argued that the new homes to be built on the steep incline leading down to the Lupin Creek could exacerbate the already serious flooding problems in the ares. The 0MB in- volvement came about as a result of an appeal launched by the developers. East Ward Coun. .Joe Drumm, who represents the residents of the Lupin Creek area on council, shares Brunelle's displeasure with the ruling. 6I disagree en- tiroly... .but the board is a part of the process. ..1 belîeved it would seo the town's position, but iL didn't. " Drumm echoed Brun- elle's cancorns about flooding and said he had "real reservati(3ns" about the devolopers' ability ta construct sound bouses on the sloping property. People are going ta be wary about purchasing ted. While Brunelle demnanded ta know what would happen if the town refused ta abey the OMB's ruling, Drumm doubted the town had any other cards it could play, The 0MB bas the ultimate say in planning matters, he said, and no one that he knew of had ever contraverled an 0MB ruling. Man hurt critie ally in single car crash A 27-year-old Oshata.. man is in critical cori dition al Torontos Sut: nybrook Medical Cenl t' after the automobile lit was driving left the r'ow and struck a tree. A spokesman for 'lit Durham Regir.a Police said Mark 0lciz'. of 848 Ritson Rd. N mx'a' driving westbound1) Rossland Rd. in Whilt'.when the 1972 Pont r." he was driving crossed the road, entered ilit, south ditch and hil a tree. The accident occurred at, appraximately 6 a.mi Saturday, near the in- tersection of Rossland Rd. and Brock St. The victim was alone in the car. -11207 DUNDAS ST. W. <- WHITaY *CONTEST* Rhythm & Blues Namne Ihat lune Thurs. Sept. 26th Starîs -.8 O'clock Sign Up now, see D.J. 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And wtten you 'e camptetely sattstted. sit oack and enjoy the soundsofo ou' ever ppotelr D J or gelt Up and kick pour teels awtrtte ta the top 40 EVERY WEDNESOAY NIONT ONLY AT CEDRICKS BAING THE KIOS AND PAY ONLY 11.99 A PLATE AND CHECK OUT OUR SPECIAL KIDIES MENU STAATtNG MONOAY 3-5 FREE HOR DOQEUVRES WITH VOUA FtRST DRINK 141i1"7 dintn,ý loun)W & banqu£dhall 668-8822 I 113 OF=OtSI N WHItTBY ONT SAT., SUN. & THANKSGIVING 930-5:30 MON. & FRIt 1:30-5:30 Smatt Trees - No Ladders CROP REPORT- Phone 623-7252 24 hrs. aday for varlety plcklng FREE WAGON RIDES KlOS PLAYOROUNO FAMILlES WELCOME At a brunch held by Ontario Riding Progressive Conservative Association at Thunderbird Golf Club at Ashburn three of the top PCs were, left, Scott Fennell, MP for Ontario riding; guest speaker Don Blenkarn, MP for Mississauga South, and chairman of the House of Commans Finance, Trade, and Ecanomics Committee; and Renen Soetens, president of the riding association. Free Press Staff Photo 1

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