Canadian Bankers Association

Canadian Bankers Association

October 10, 2008 12:43 ET

Canadian Bankers Association Statement in Response to Federal Government's Announcement About Credit Markets

TORONTO, ONTARIO--(Marketwire - Oct. 10, 2008) - The Canadian Bankers Association released the following statement today in response to the federal government's announcement about measures to maintain the availability of longer-term credit:

Canada's banks are supportive of the federal government's latest step to maintain the availability of longer-term funding in Canada by purchasing up to $25 billion in insured mortgage pools through the Canada Mortgage and Housing Corporation (CMHC).

Canada's ability to act in this measured and prudent fashion is possible because of Canada's sound regulatory system and sound, prudently-managed banks.

Canadian banks are well capitalized, well regulated and well managed. In fact, the World Economic Forum's Global Competitiveness Report, released this week, found that Canada has the most sound banking system in the world.

Today's announcement by the Minister is an important measure in making credit more available in the consumer marketplace. This is a safe, efficient and economic way of facilitating credit markets.

Banks in Canada are committed to Canadians and are working with their customers given the ongoing global credit challenges.

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.

Contact Information

  • Canadian Bankers Association
    Andrew Addison
    (416) 362-6093, ext. 220 or Cell: (416) 587-7733