Finance Minister Chrystia Freeland is assuring that Canada’s financial institutions are secure after meeting with the head of Canada’s bank regulator and the Bank of Canada.
The meeting follows the closure of California-based Silicon Valley Bank by U.S. regulator on Friday, which also prompted Canada’s Office of the Superintendent of Financial Institutions (OSFI) to seize its Canadian assets on Sunday.
In a statement, spokesperson Adrienne Vaupshas says Freeland met on Monday with Superintendent of Financial Institutions Peter Routledge.
OBJ360 (Sponsored)
Stay Ahead of the Curve: The New Issue of Kingston Business Journal is Here
Are you looking for insightful analysis on the forces shaping the economic landscape of Eastern Ontario? The latest edition of the Kingston Business Journal (KBJ) is now available digitally, offering
Paris, Tokyo, or Berlin, even if we don’t have centuries of urban legacy to build on. We have an official plan that, initially, sets out ambitious planning goals. The minutiae
According to the statement, Freeland has also convened meetings with the heads of national and regional Canadian financial institutions, which were attended by Routledge and Bank of Canada representatives.
Vaupshas says “significant structural and regulatory safeguards” are in place and that Canadian financial institutions “are stable and resilient.”
Routledge has emphasized the limited nature of the crisis in Canada and that Silicon Valley Bank doesn’t hold commercial or individual deposits in Canada.
