Bank Act of Canada - 1871
Last revision 1991 - Brian Mulroney was PM
Loving the left wing 'opinions'
Bank Act was reviewed approximately every decade. Most recent significant revisions were made in 1954, 1967, 1980, 1987, 1992, and 1997.
In 1998 Four of Canada's largest banks wanted to merge. Liberal Finance Minister Paul Martin blocked the merger and was heavily criticized - even by MP Stephen Harper who was for more banking deregulation. This was fortunate, as we saw the resulting problems in places like the US and the UK with large bank mergers creating banks that became "too big too fail".
http://www.joc.com/canada-blocks-further-bank-mergers_19981215.html
If the financial crisis of 2008 had occurred a few years later, it's likely that de-regulation that the Conservative government wanted to bring in would have lead to the Canadian banks becoming more exposed. They would have allowed mergers. We saw changes such as the 40 year mortgage brought in, which Finance Minister Flaherty reversed in 2008 only a year after having introduced it.
http://www.guelphmercury.com/opinion-story/5786583-just-how-sound-a-fiscal-manager-is-stephen-harper-/
http://thetyee.ca/Views/2008/10/08/HarperEcon/
http://www.macleans.ca/economy/business/stephen-harper-and-mark-carney-good-or-just-lucky/
It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.
- Josiah Stamp
Every time I see an adult on a bicycle, I no longer despair for the future of the human race.
- H.G. Wells