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Chrystia Freeland says Canada’s banking system is safe



(OTTAWA) Finance Minister Chrystia Freeland says Canada’s financial institutions are safe after meeting with the head of Canada’s banking regulator and the Bank of Canada.

The meeting follows Friday’s shutdown of Silicon Valley Bank in California by the U.S. regulator, prompting Canada’s Office of the Superintendent of Financial Institutions (OSFI) to seize the Canadian assets of the bank.

In a statement, spokeswoman Adrienne Vaupshas said Freeland had met with Superintendent of Financial Institutions Peter Routledge on Monday.

According to the release, Minister Freeland also convened meetings with heads of Canadian financial institutions, which were attended by Mr. Routledge and officials from the Bank of Canada.

Mme Vaupshas said “significant structural and regulatory safeguards” were in place and that Canadian financial institutions were “stable and resilient.”

Peter Routledge emphasized the limited nature of the crisis and the fact that Silicon Valley Bank did not hold any commercial or individual deposits in Canada.

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