Canadian Bankers Association

Canadian Bankers Association

November 04, 2011 09:06 ET

Canada's Banks Welcome Carney Appointment to Head Financial Stability Board

TORONTO, ONTARIO--(Marketwire - Nov. 4, 2011) - Canadian Bankers Association (CBA) President Terry Campbell today congratulated Bank of Canada Governor Mark Carney on his appointment as Chair of the Financial Stability Board (FSB).

"Canada's banks applaud the appointment of Bank Governor Mark Carney as head of the FSB. It is a clear recognition of his significant financial expertise and his skilful leadership over the past four years, particularly through the global financial crisis," said Mr. Campbell. "Canada continues to punch above its weight internationally in helping to guide reform of the global financial system."

Canada is well represented on the Financial Stability Board. In addition to Governor Carney, the Office of the Superintendent of Financial Institutions and the Canadian Department of Finance are also members.

"Our regulators are able to bring to the international table their solid expertise but also the reputation of Canada of having one of the most sound and stable banking systems in the world," said Mr. Campbell.

Canada's banks are well managed, well capitalize and well regulated. The World Economic Forum has ranked Canada's banking system as the most sound in the world for four years in a row.

About the Canadian Bankers Association

The Canadian Bankers Association works on behalf of 52 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 267,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness.

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