Freeland meets with bank regulator head, BoC following U.S. bank collapse

Finance Minister Chrystia Freeland is assuring Canadians that Canadian financial institutions are safe after meeting with Canadian banking regulators and the head of the Bank of Canada.

The meeting followed Friday’s shutdown of California-based Silicon Valley Bank by U.S. regulators, prompting the Canadian Office of Financial Institutions Supervision (OSFI) to seize Canadian assets on Sunday. I decided to

In a media statement, spokesperson Adrienne Vaupshas said Freeland met with financial institution director Peter Routledge on Monday.

Freeland also convened a meeting with the heads of Canada’s national and regional financial institutions, which was attended by representatives from Routledge and the Bank of Canada, according to the statement.

Vaupshas said “significant structural and regulatory safeguards” were in place and Canadian financial institutions were “stable and resilient”.

Freeland repeated that message in a tweet on Tuesday.

Highlighting the limited nature of the crisis in Canada, Routledge said Silicon Valley Bank has no commercial or personal deposits in Canada.