Posts
3020
Joined
4/1/2008
Location
Bragg Creek, AB, CA
Edited Date/Time
1/12/2012 11:05pm
the strongest banking sectors in the world .... go figure .
OTTAWA -- Canada has again won the top rating in the world for the soundness of its banking sector, a fundamental strength many credit for the country's ability to escape the worst of the global recession.
The World Economic Forum rankings released yesterday places Canada's banks as the soundest in the world for the second straight year, followed by New Zealand and Australia.
The banking sector is one of the criteria the Geneva-based organization uses to rate countries in terms of overall competitiveness, and was a factor in Switzerland replacing the United States at the top of the overall scale.
Canada moved up to ninth place from 10th last year and from 13th in 2007 for overall competitiveness. The much-derided U.S. banks were judged 108th soundest, near the bottom of the 133 countries rated.
A spokesperson for the Institute for Competitiveness and Prosperity in Toronto says during the past two years Canada has moved past the United Kingdom, South Korea, Hong Kong and the Netherlands in the rankings.
Finance Minister Jim Flaherty has often referred to the strength of Canada's banking sector as a key reason the recession, while deep, was still milder in Canada than in many other countries.
Unlike in many western countries, Canada did not experience a bank failure and no government funds were used to prop up the financial sector.
In an interview following the weekend's G20 meeting, Flaherty said Canadian banks' managed to maintain adequate capital reserves throughout the crisis.
"They were obliged to maintain that because not only do we regulate but we enforce our regulations."
Flaherty had said Canada will not require the dramatic reform of financial institutions called for in other countries.
The World Economic Forum gives Canada high marks in other categories, including:
* Top spot for personal computers and ease of starting a business.
* No. 2 for the quality of management schools and No. 5 for the quality of schools in general.
* No. 3 for financial market sophistication.
OTTAWA -- Canada has again won the top rating in the world for the soundness of its banking sector, a fundamental strength many credit for the country's ability to escape the worst of the global recession.
The World Economic Forum rankings released yesterday places Canada's banks as the soundest in the world for the second straight year, followed by New Zealand and Australia.
The banking sector is one of the criteria the Geneva-based organization uses to rate countries in terms of overall competitiveness, and was a factor in Switzerland replacing the United States at the top of the overall scale.
Canada moved up to ninth place from 10th last year and from 13th in 2007 for overall competitiveness. The much-derided U.S. banks were judged 108th soundest, near the bottom of the 133 countries rated.
A spokesperson for the Institute for Competitiveness and Prosperity in Toronto says during the past two years Canada has moved past the United Kingdom, South Korea, Hong Kong and the Netherlands in the rankings.
Finance Minister Jim Flaherty has often referred to the strength of Canada's banking sector as a key reason the recession, while deep, was still milder in Canada than in many other countries.
Unlike in many western countries, Canada did not experience a bank failure and no government funds were used to prop up the financial sector.
In an interview following the weekend's G20 meeting, Flaherty said Canadian banks' managed to maintain adequate capital reserves throughout the crisis.
"They were obliged to maintain that because not only do we regulate but we enforce our regulations."
Flaherty had said Canada will not require the dramatic reform of financial institutions called for in other countries.
The World Economic Forum gives Canada high marks in other categories, including:
* Top spot for personal computers and ease of starting a business.
* No. 2 for the quality of management schools and No. 5 for the quality of schools in general.
* No. 3 for financial market sophistication.
How about at the expense of Americas economy and the backs of the taxpayers.
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I'll stock the fridge with beer and run out and get some steaks. Bring warm clothes. It gets a little chilly.
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