View topic - It's official: Canada has the world's soundest banking syste :: Free Dominion - Principled Conservative - Party and Canadian Politics

It's official: Canada has the world's soundest banking system

October 09, 2008, 6:25 AM
Jonathan Kay

Four points need to be made here:

(1) Never have I been more grateful for this country's prudent, risk-averse national character.

(2) Canadians are obsessed with their rank in the world. They should take a bow on this one. Surely this is more important than, say, junior hockey or the pommel horse.

(3) A year ago, the only time anyone wrote about banks was when they were bitching about ATM fees. Time for some perspective: Go hug your banker. And the next time he charges you a buck-fifty for making a $200 withdrawal at someone else's bank, don't whine about it, ok?

(4) Stéphane Dion and Jack Layton: Aren't you now even more ashamed now about your sky-is-falling panic-mongering?

Canada rated world's soundest bank system: survey
Thu Oct 9, 2008 4:40am EDT

By Rob Taylor

CANBERRA (Reuters) - Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets.

But Britain, which once ranked in the top five, has slipped to 44th place behind El Salvador and Peru, after a 50 billion pound ($86.5 billion) pledge this week by the government to bolster bank balance sheets.

The United States, where some of Wall Street's biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa.

The United States was on Thursday considering buying a slice of debt-laden banks to inject trust back into lending between financial institutions now too wary of one another to lend.

The World Economic Forum's Global Competitiveness Report based its findings on opinions of executives, and handed banks a score between 1.0 (insolvent and possibly requiring a government bailout) and 7.0 (healthy, with sound balance sheets).

Canadian banks received 6.8, just ahead of Sweden (6.7), Luxembourg (6.7), Australia (6.7) and Denmark (6.7).

UK banks collectively scored 6.0, narrowly behind the United States, Germany and Botswana, all with 6.1. France, in 19th place, scored 6.5 for soundness, while Switzerland's banking system scored the same in 16th place, as did Singapore (13th).

The ranking index was released as central banks in Europe, the United States, China, Canada, Sweden and Switzerland slashed interest rates in a bid to end to panic selling on markets and restore trust in the shaken banking system.

The Netherlands (6.7), Belgium (6.6), New Zealand (6.6), Malta (6.6) rounded out the WEF's banking top 10 with Ireland, whose government unilaterally pledged last week to guarantee personal and corporate deposits at its six major banks.

Also scoring well were Chile (6.5, 18th) and Spain, South Africa, Norway, Hong Kong and Finland all ending up in the top 20.

At the bottom of the list was Algeria in 134th place, with its banks scoring 3.9 to be just below Libya (4.0), Lesotho (4.1), the Kyrgyz Republic (4.1) and both Argentina and East Timor (4.2).

RANKINGS

1. Canada

2. Sweden

3. Luxembourg

4. Australia

5. Denmark

6. Netherlands

7. Belgium

8. New Zealand

9. Ireland

10. Malta

11. Hong Kong

12. Finland

13. Singapore

14. Norway

15. South Africa

16. Switzerland

17. Namibia

18. Chile

19. France

20. Spain

National Post
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Today`s rebel is a conservative and fiscal responsibility has become the new counterculture!

Posted: 10/ 09/ 08 10:03 am Post subject:

Thank you Alberta Treasury Branch.
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Opinions expressed by RedDog on Free Dominion are those of RedDog alone and are in no way intended to represent the views of Free Dominion, its principals or moderators.
Some bacon a day keeps the muslims away. 2010 Red Sox Nation Citizen and Gubernatorial Candidate

Posted: 10/ 09/ 08 10:12 am Post subject:

The Treasury Branch is the Safest Bank in the world then, because it guarantees all deposits 100% regardless of size. I wonder if Harper will have the good sense to rub Jackpot and De-Idiot's nose in this one good and hard.
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If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that ye were our countrymen. -- Samuel Adams, speech at the Philadelphia State House, August 1, 1776--"If You Haven't Suffered Enough It Is Your God Given Right To Suffer Some More" Wm. Aberhart Alberta Premier

Posted: 10/ 09/ 08 10:33 am Post subject:

Quote by Stephane Dion source

Posted: 10/ 09/ 08 10:37 am Post subject:

Don't count on it. BMO has Harris Bank, TD has Ameritrade, CIBC has been on every scam like financing Enron .........
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Posted: 10/ 09/ 08 10:38 am Post subject:

Quote by Jack Layton source

Posted: 10/ 09/ 08 11:19 am Post subject:

This is good news!! I love Canada and I am very proud of us today.

Let us remain vigilant that unsound banking practices do not begin to happen here.

Posted: 10/ 09/ 08 11:24 am Post subject:

Joint Statement by Central Banks
http://www.federalreserve.gov/newsevents/press/monetary/20081008a.htm
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Posted: 10/ 09/ 08 11:27 am Post subject:

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Posted: 10/ 09/ 08 11:59 am Post subject:

Canada's banks make a terrible trade
Canada's banks may have just made a terrible trade.

The federal Finance department was working on a plan that would deliver long-requested liquidity to the Canadian mortgage market. The idea was to extend the reach of the Canada Mortgage Housing Corp., a move that bank executives have lobbied for in the past. The new policy was set to be unveiled as early as Thursday.

Then the banks choose to break ranks with the Bank of Canada and the rest of the industrialized world over Wednesday's dramatic rate cut. The central banks slashed rates by 50 basis points, clearly telegraphing that they were trying to inject liquidity into a frozen system. continued
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FREE DOMINION FORUM RULES
All the great things are simple, and many can be expressed in a single word: freedom; justice; honor; duty; mercy; hope ~ Sir Winston Churchill
"The problem with socialism is that eventually you run out of other people's money." Margaret Thatcher

Posted: 10/ 09/ 08 1:13 pm Post subject:

Posted: 10/ 09/ 08 2:56 pm Post subject:

Flaherty, Harper and the editorial board of the National Post are going to have egg all over their face and fast. Concan, what was that number? 800 billion in credit swaps are held by CAD banks? TDs annual profit is only 16 billon. Its net assets is only 31 billion! That 800 billion derivative pile could wipe out our banks in a heart beat.

Yet more loud noise from the denial crowd in the government and its pundits at the National Post.
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Andrew Jackson, the seventh president of the United States, has this to
say to a delegation of international bankers in 1832:

"Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out."

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