Federal Finance Minister John Manley said Tuesday he did nothing wrong when he telephoned a Canadian bank executive on behalf of the financially-troubled Ottawa Senators hockey club.

Earlier Tuesday, Opposition house leader has asked the Federal Ethics Counsellor to investigate Manley for conflict on interest.

Alliance MP John Reynolds accused Manley of conflict of interest when Manley telephoned CIBC executive John Hunkin on behalf of Senators owner Rod Bryden, an influential Liberal supporter.

Bryden is struggling to put a refinancing package in place for his National Hockey League team after two creditors recently blocked a $186 million refinancing deal.

On Tuesday, TSN and the Ottawa Sun reported that the Senators would file for bankruptcy within 24 hours. The team has denied the claim.

In a letter to Federal Ethics Counsellor Howard Wilson, Reynolds said he wanted an investigation into Manley's involvement because Manley oversees the Canadian banking system.

Manley recently asked two Parliamentary committees to review policy on bank mergers that would make it easier for banks to merge.

Four years ago, CIBC was one of four banks that wanted to merge. Then-finance minister Paul Martin rejected the deal.

Manley, whose riding is in Ottawa, responded to Reynolds' accusations by insisting he had not discussed the CIBC's role in the deal when he made the phone call. He said was acting on behalf of his community.

"This is important to my community," he said. "I wasn't elected by the banks. I was elected by the people of my community. As a member of parliament I also have a responsibility to voters here in the region. This is something that's important to my region.

"In this case I considered what I thought was a reasonable request, one which I could fulfil, certainly not discussing the bank's interest but raising the importance of this team for my community. That's what I did and I think that was the appropriate thing to do."

Wilson said Monday he would investigate the matter if an MP asked him to.

"If I receive a complaint, then we will look into it," Wilson told the National Post. "I would have to ensure that there is substance to the complaint and that remains to be seen."

However, Wilson said it didn't appear "on the surface" that Manley was in conflict because he doesn't have a personal stake in the Senators.

But, Wilson has said he would have to examine all the details before he makes a ruling.

The controversy began last week when The Globe and Mail reported Manley had called Hunkin on behalf of Bryden and the Senators as the NHL team teetered on the brink of bankruptcy.

Manley said he called Hunkin to ask him to talk to officials at a U.S. bank, FleetBoston Financial Corp., about their $20-million loan to the Senators.

"The belief was that nobody senior enough at Fleet was engaged in decision making on the transaction," he said.

Manley denied discussing CIBC's own $40-million loan to the Senators because he thought it wasn't necessary

"We never discussed the interest of the CIBC in the transaction whatsoever," he said.

"My understanding was they had already agreed to close."

Opposition MPs want Manley to give a full public account of his dealings.

Bloc Quebecois MP Pierre Paquette scoffed at the suggestion Manley didn't discuss the CIBC loan when he spoke with Hunkin.

"They must think we're stupid," Paquette said. "I'm extremely skeptical. Why specifically call the president of the CIBC and not refer to the Senators' debt to the CIBC, which was an important part of their debt? It's not very credible."

An ethics watchdog group is also questioning Manley's actions is calling for an independent inquiry. Democracy Watch president Duff Conacher says it appears Manley gave preferential treatment to Bryden.

The collapse of the refinancing deal meant the Senators were unable to pay their players last week.

The team, which sits atop the NHL's standings, has hung by a financial thread since being granted the franchise in 1990.

With a report from The Canadian Press.