The World Economic Forum indicated today that Canada has the world's soundest banking system.
In the ranking order after the fall out globally of the economy countries were studied to see how each countries banking system ranked and endured the current crisis we have at hand. Sweden, Luxembourg and Australia, a survey by the World Economic Forum as making the doing the best in the times that we currently have.
This is due to the fact that Canada has what is known as a regulated banking system. It's part of what took place with the inception of Canada and sure there are fears with were the economy is going right now.
This was released today's date. Thursday, October 06th, 2008.
There is definately something to be said about a regulated banking system where out money is safe, as well. In addition, we don't have a gazillion little banks. I hope we never lose that!!
ReplyDeleteI can't see that happening.
ReplyDeleteUmmm. It is the 9th. But the news was good anyway. :p
ReplyDeleteYou up on one as I got the news this morning. But the banks are also regulated by the Bank of Canada under the authority of the BANK OF CANADA ACT through its management of the government's monetary policy.
ReplyDeleteThe Canada Deposit Insurance Corporation and the Office of the Superintendent of Financial Institutions carefully monitor the banks for financial soundness and compliance. Thus it's good and well regulated by the government.
And it is good...as it works.
And, according to their profit statements, they have more money than God.
ReplyDeleteVive la Canada.
Well Canada is a country that is only the size of New York State, but all in all, I have come to learn that it takes more than one country in this day and age. Globalization on an economic manner is something is pinnacle to Canada as well as any other nation. Your quote in french is ironic as the first banking system that started regulation after the depression was in Montreal. I could be wrong.
ReplyDeleteHaving grown up in the US and moved here in my early 20's, I do not have a great grounding in Canadian history so I wouldn't know.
ReplyDeleteIt does seem, however, that the big Canadian banks did not get caught up in the sub-prime or insurance crisis, are noit holding onto a lot of bad paper, and didn't invest in these as they hit Wal Street. For that we can be thankful and applaud whatever legislation and/or discerment that prevented them from doing what so many worldwide did.
We have something much in common we have lived on both sides. I learned most about Canada when I came here within that last six years. Before that, I never knew much about it. And I know more about American history than I do Canadian. And yes your correct.
ReplyDeleteI found this excellent review of the sub-prime fiasco re: Canada. It explains quite a bit ....... http://www.syndicatemortgages.com/news.php?id=6
ReplyDeleteThank you - it's a long weekend here so I shall take a look.
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