Canadian Bankers Association

Canadian Bankers Association

September 09, 2010 15:18 ET

Good News for All Canadians: World Economic Forum Again Ranks Canada's Banks as the World's Soundest

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2010) - The Canadian Bankers Association (CBA) hailed today's report from the World Economic Forum, which ranked Canada's banking system as the world's soundest for the third consecutive year, as good news for all Canadians.

"To again be named the soundest banking system in the world is positive for all Canadians. A steady and secure banking system is an important contributor to Canada's economic recovery and long-term growth," said Nancy Hughes Anthony, President and CEO, Canadian Bankers Association. "This report reinforces the fact that, through the financial crisis and into the recovery, our banks have continued to work with consumers and small businesses, providing credit, financial products and advice."

Canadians recognize that Canada's banks are well-capitalized, well-regulated and well-managed and, because of this, they performed better than many banks in other countries during the global financial crisis. In a recent survey(1), 81 per cent of Canadians identified Canada's banks as more stable and secure than other banks around the world, an increase of seven points since May 2009 and 17 points since May 2008.

"Today there is a great deal of focus on global financial regulation and ensuring future stability," said Ms. Hughes Anthony. "While the Canadian banking industry supports the goal of stabilizing and strengthening the global financial system and the move towards improved and consistent global capital standards, it is important to ensure that banks in Canada remain on a level playing field with banks around the world."

The Canadian Bankers Association works on behalf of 51 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 260,000 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.

(1)Data from public opinion research conducted by The Strategic Counsel on behalf of the Canadian Bankers Association. The findings are based on a national proportionate sample of adult Canadians 18 years or older, interviewed by telephone between May 5 and 12, 2010. The sample of 1200 is accurate within +/- 2.9 percentage points, 19 times out of 20.

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