Canadian Bankers Association

Canadian Bankers Association

November 26, 2008 09:00 ET

Canada's Banks Performed Better Than Banks Elsewhere-CBA Survey

Prudent lending, better management and government regulation attributed

TORONTO, ONTARIO--(Marketwire - Nov. 26, 2008) - Seventy-two per cent of Canadians believe that Canada's banks have performed better than other banks around the world, according to the results of a recent survey by The Strategic Counsel for the Canadian Bankers Association released today. In addition, 77 per cent of Canadians describe Canada's banks as more secure and stable than other banks around the world. The Strategic Counsel survey was conducted between November 4 and November 9, 2008.

"There is a clear recognition among Canadians that our banks and banking system are performing better than those in other jurisdictions during this period of global financial turbulence," said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. "We are doing many things right in Canada when it comes to the management and regulation of our banks. As the uncertainty in the global economy continues, we need to keep on this same path to ensure our financial system remains secure and strong."

Canadians attributed the strong performance of Canada's banks to a number of factors with one of the strongest reasons being their prudent approach to lending and investments. Eighty-one per cent of Canadians thought that this was an important reason why Canada's banks performed better than their international counterparts. Equally important, also mentioned by 81 per cent of respondents, was the better management of Canadian banks when compared to banks internationally.

Moreover, 81 per cent of respondents believed that the government regulation of the banking sector in Canada was important to the performance of the banks.

"With the country facing an economic downturn, it will be important that banks in Canada stick to the sound fundamentals of prudent lending to individuals and businesses that protect the interests of depositors," said Ms. Hughes Anthony.

Looking at the international stage, 86 per cent of Canadians believe it is important to have a strong banking sector to compete globally as a means of supporting Canadian businesses that want to export and do business in international markets.

The results in this survey reflect a recent World Economic Forum report which found that Canada's banking system is the most sound in the world.(1) The International Monetary Fund also found that: "The Canadian financial sector is among the world's most highly developed. The institutions, markets, infrastructure, safety nets, and oversight arrangements that comprise the system are sophisticated."(2)

Survey methodology

The survey was commissioned by the Canadian Bankers Association and conducted by The Strategic Counsel. The study was conducted by telephone among a random sample of 1,000 adult Canadians, 18 years of age or older, between November 4 and 9, 2008. The margin of error is +/- 3.0 percentage points, 19 times out of 20.

To view the full survey results visit www.cba.ca.

The Canadian Bankers Association works on behalf of 51 domestic chartered banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 257,000 employees to advocate for efficient and effective public policies governing banks and to promote an understanding of the banking industry and its importance to Canadians and the Canadian economy.

(1) World Economic Forum, "Global Competitiveness Report 2008-2009", October 2, 2008, page 456.

(2) International Monetary Fund, "Canada: Financial System Stability Assessment - Update", February 2008, page 6.

Contact Information

  • Canadian Bankers Association
    Andrew Addison
    (416) 362-6093, ext. 220 or Cell: (416) 587-7733
    Email: aaddison@cba.ca
    Website: www.cba.ca