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Government's early action helped safeguard Canadian banks
October 08, 2008
Conservative Government acted to reduce inappropriate risks Prime Minister Stephen Harper today said that the Conservative Government’s early actions helped put Canada’s banks in a better position to deal with the ongoing global financial problems. “Our Government saw the U.S. problems coming more than a year ago, so we weatherproofed Canada’s banks before the storm hit,” the Prime Minister said. “We ended risky practices like zero-down payment mortgages,” he said. “We brought in new rules for banks to disclose and discourage inappropriate risks. And since earlier this year, we have been working at home and with our international partners, to implement more than 60 measures and initiatives to strengthen and reform both the Canadian and global banking and financial sectors.” Prime Minister Harper said that Finance Minister Jim Flaherty will be meeting this weekend with other G7 Finance Ministers and the International Monetary Fund. At the meetings, Minister of Finance Jim Flaherty will indicate:
“We’ve had a plan for the past year to deal with the banking crisis,” the Prime Minister said. “And it’s why our banks are safe and other countries’ banks are not.” |