Freeland meets with bank regulator head, BoC following U.S. bank collapse

Finance Minister Chrystia Freeland is assuring that Canada’s monetary establishments are safe after assembly with the top of Canada’s financial institution regulator and the Bank of Canada.

The assembly follows the closure of California-based Silicon Valley Bank by U.S. regulator on Friday, which additionally prompted Canada’s Office of the Superintendent of Financial Institutions (OSFI) to grab its Canadian property on Sunday.

In an announcement, spokesperson Adrienne Vaupshas says Freeland met on Monday with Superintendent of Financial Institutions Peter Routledge.

According to the assertion, Freeland has additionally convened conferences with the heads of nationwide and regional Canadian monetary establishments, which had been attended by Routledge and Bank of Canada representatives.

Vaupshas says “significant structural and regulatory safeguards” are in place and that Canadian monetary establishments “are stable and resilient.”

Routledge has emphasised the restricted nature of the disaster in Canada and that Silicon Valley Bank does not maintain business or particular person deposits in Canada.

This report by The Canadian Press was first revealed March 14, 2023.