Superintendent of Financial Institutions Peter Routledge insisted on the limited nature of the crisis and that Silicon Valley Bank held no commercial or individual deposits in Canada. (Photo: The Canadian Press)
Ottawa – Treasury Secretary Chrystia Freeland says Canada’s financial institutions are safe after a meeting with the head of Canada’s banking regulator and the Bank of Canada.
The meeting follows the US regulator’s Friday shutdown of Silicon Valley Bank in California, prompting Canada’s Office of the Superintendent of Financial Institutions (OSFI) to seize Canadian assets on Sunday.
In a statement, spokeswoman Adrienne Vaupshas said Ms Freeland met with Superintendent of Financial Institutions Peter Routledge on Monday.
According to the press release, Minister Freeland also called meetings with heads of Canadian financial institutions, which were attended by Mr. Routledge and Bank of Canada officials.
Ms Vaupshas said that “significant structural and regulatory safeguards” are in place and that Canadian financial institutions are “stable and resilient”.
Peter Routledge emphasized the limited nature of the crisis and the fact that Silicon Valley Bank does not hold any commercial or individual deposits in Canada.
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