Ontario pans Quebec language requirements in new offensive for Toronto to host defence bank

OTTAWA — The Ontario government has launched a new offensive for Toronto to become the host city for the future Defence, Security and Resilience Bank (DSRB) headquarters — and a new booklet to support its bid is throwing a bit of shade to Montreal in the process.

On Tuesday, Ontario Premier Doug Ford brought together over 200 attendees, including Toronto Mayor Olivia Chow, Liberal MPs, consul generals from NATO countries, as well as representatives from banking and financial service sectors, pension funds and the defence industry to make the case that Toronto is the best choice to host the future DSRB.

“Canada is ready and willing to make the bank a success, but to do that, we need the federal government to choose a home city for the bank that can help it hit the ground running, a place with world-class workforce, the banking and defence manufacturing expertise and the global connections that will help the bank succeed,” Ford said.

“There’s only one city in Canada that can truly provide everything the bank needs and that city is Toronto, backed by Team Ontario,” he added.

The Ontario government, in collaboration with the city of Toronto and the business community, had already published a booklet back in December to emphasize the city’s “political stability.”

La Presse reported last week that those promoting Toronto’s bid were seen as using the threat of a Quebec referendum to undermine Montreal’s candidacy which led to Quebec politicians accusing Toronto and Ontario officials of “scare tactics.”

Parti Québécois MNA Pascal Paradis said Ford has no lessons to give to Quebec in terms of international relations, since it was his government’s advertisement campaign featuring former U.S. President Ronald Reagan that reportedly derailed trade negotiations between the U.S. and Canada last fall.

This week, a new booklet appeared on the government’s website making the case why Toronto — and not Montreal — should host this new global financial institution.

“While Montreal is a vital national economic centre and an important partner in Canada’s defence and innovation ecosystem, Toronto aligns more closely with the specific operational, financial and talent requirements of the DSRB,” the document reads.

While it goes on to explain that Toronto is home to the top five bank headquarters and Canada’s largest pension funds, it also emphasized how the future DSRB would not have to deal with Quebec’s language laws should it be located in Ontario’s biggest city.

“Toronto benefits from a highly predictable regulatory environment — free of additional language or cultural compliance requirements — providing operational clarity and administrative simplicity for a global institution,” it reads.

“It also has unparalleled political stability, both on a national and global scale.”

Later, it adds: “Toronto’s English- language business environment minimizes operational friction for a global financial institution.

The booklet also touts Toronto’s role in the financial sector and access to capital.

“Toronto is Canada’s financial capital with the deepest capital-markets and sovereign-lending capacity, whereas Montreal’s aerospace and AI strengths do not align as directly with the DSRB’s core lending mandate,” it reads.

On April 29, Canada was chosen as the host country for the future bank’s headquarters which will provide long-term, low-cost financing for defence projects for participant countries. The bank is expected to bring about 3,500 jobs and open by the end of 2026.

To date, Ottawa, Montreal, Vancouver and Toronto are vying to host the bank, with politicians from different areas all pressuring the federal government to choose their city. Quebec Premier Christine Fréchette even used her remarks at a joint announcement with Prime Minister Mark Carney to make the case why Montreal should be the host city.

Speaking on Sunday at Quebec’s talk show “Tout le monde en parle,” Industry Minister Mélanie Joly said that, as a Montreal MP, she is biased and would like to see her hometown win the bid. But she said the government will ultimately take a decision based on “facts.”

Joly said that there is still lots of work to do before that decision is made, including convincing more countries to join the initiative before this summer’s NATO Summit.

Ford said on Tuesday that he does not believe the heated race to host the DSRB will impact Ontario’s relationship with Quebec.

“We love Montreal. I can tell you, I love Quebecers as well,” he said. “This is a process that the whole country is going through, and the prime minister will have to make a decision. But I don’t believe in attacking any other bids. I just don’t believe in that.”

Ford also used the opportunity to say “Go Habs” and cheer on the Montreal Canadians, the last Canadian team left in the NHL playoffs.

“I can’t believe I just said, ‘Go Habs.’”

National Post calevesque@postmedia.com

Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark nationalpost.com and sign up for our newsletters here.