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 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.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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Freeland meets with Canada's bank regulator after SVB collapse - BNN BloombergFinance Minister Chrystia Freeland met with the head of Canada’s financial regulator in the wake of a U.S. regional bank collapse, with her office emphasizing that domestic institutions are secure.
Read more »
EDITORIAL: Liberal adventures in budgetingFinance Minister Chrystia Freeland will announce the Trudeau government’s 2023 budget on March 28, or as we prefer to call it, Liberal adventures in budgeting.
Read more »
EDITORIAL: Liberal adventures in budgetingFinance Minister Chrystia Freeland will announce the Trudeau government’s 2023 budget on March 28, or as we prefer to call it, Liberal adventures in budgeting.
Read more »
Uniswap, Curve Finance, SushiSwap make a killing amidst market uncertaintyThe total DEX trading volume surged to a four-month high of $15.12 billion on 11 March. Total fees collected on Uniswap hit its highest value since 10 May. Decentralized exchanges (DEXes) registered an exponential rise in trading activity in the last 24 hours after the collapse of Silicon Valley Bank (SVB) triggered FUD in the […]
Read more »
Euler Finance: Hacker steals around $197M in 2023’s largest hackEurler Finance was targeted by a flash loan attack on 13 March, with the attacker successful in stealing assets worth $197 million. The ongoing attack has already become the largest hack of this year. Ethereum-based noncustodial lending protocol Euler Finance was targeted by a flash loan attack on 13 March. The attacker was successful in […]
Read more »
Finance Department report finds luxury tax will lead to between 400 and 870 job lossesAnalysis by the Finance Department also says the new tax could lower total Canadian GDP by between $58-million and $125-million
Read more »