In the wake of the collapse of California-based Silicon Valley Bank (SVB), Finance Minister Chrystia Freeland says Canada’s financial institutions are “stable and resilient.”
Freeland made the comments in an official statement four days after U.S. regulators closed SVB following a bank run, during which depositors concerned about the bank’s solvency withdrew a total of billions of dollars in a short period of time.
Freeland held a virtual meeting on March 14 with provincial and territorial finance ministers to discuss Canadian implications of SVB’s failure. Also attending the meeting were Canada’s Superintendent of Financial Institutions Peter Routledge and the Bank of Canada’s Senior Deputy Governor Carolyn Rogers….