Bank of Canada Governor Mark Carney walks back to his office following a news conference in Ottawa on Thursday, April 24, 2008. (Tom Hanson / THE CANADIAN PRESS)
Canadian banks the soundest in the world: report
Updated Thu. Oct. 9 2008 1:52 PM ET
CTV.ca News Staff
In the midst of a global market crisis, a survey by the World Economic Forum has proclaimed Canada to have the world's soundest banking system.
Placing just behind were Sweden, Luxembourg, Australia and Denmark in the World Economic Forum's Global Competitiveness Report, released on Wednesday in Switzerland.
Twelve-thousand corporate executives around the world were interviewed on a number of questions and ranked banks around the world on a scale of one to seven -- one being insolvent and possibly in need of government assistance and seven being entirely healthy.
Canada's banking industry, led by Royal Bank, CIBC, Scotiabank, TD Bank, Bank of Montreal and National Bank, was given a rating of 6.8, the best ranking of any banking system in the world.
The top 10 soundest banking countries are as follows:
The report was cited by Conservative Leader Stephen Harper on Thursday as proof that Canada's banks are the strongest in the world and need no government help.
"There is no question, no possibility of bailing out the banks," Harper said at a campaign stop in Richmond, B.C. "The banks aren't seeking to be bailed out, the government won't be bailing them out. That isn't going to happen."
The BNN's Michael Kane told CTV Newsnet that the results were remarkable in light of the fact that the United States (4.0) and Germany (3.9) fell to the level that banks in very depressed parts of the world sit.
"This is a real feather in the cap of Canadian banks and this sort of buttresses what the government and also what the Bank of Canada has been saying about our system here," Kane said. "We are in relatively good shape."
Kane said Canadian banks are well capitalized and there has never been any threat to the dividend.
"People have not felt bad about putting their money into bank accounts on the retail side or dealing with banks on the small business side. It's very positive."
The report also placed Canada tenth in overall global competitiveness; a list which was topped by the United States.
The World Economic Forum is a global non-profit foundation renowned for its annual meeting in Switzerland that brings together business leaders, politicians, intellectuals and journalists to discuss world issues.
Its report contains a detailed economic profile for each of the 134 countries featured in the study, summarizing the overall position in the rankings as well as the most prominent competitive advantages and disadvantages.
With files from The Canadian Press
Comments are now closed for this story
Nanook The Secure
We're number ONE, baby. Suque on that, America!!!!!
MRC from Hamilton
So the next time you hear an opposition leader chew up Harper directly about the economy, just remember this article.
So is this too new for Harper to Harp about? If I were him I'd be shouting it from the rooftops.
Charles - Toronto
Just what Harper has been saying all along!
Liberal and NDP stop your scare tactics, your dishonesty will not get you elected.
Vote for Harper, the guy with a honest plan.
And they've made almost 20 Billion in profit.
Yet the Conservative Finance Minister just admitted that CMHC may have to buy up some of the bad assets of our Canadian financial corporations to ensure that enough credit is available.
Now I know most politicians believe that a large amount of the population is weak in politics and economy.
I am not.
What has just been mentioned by our Finance Minister should be taken as an insult by all Canadians.
This government intends to write a billion or so dollar cheque to cover the losses of our Canadian banks.
These businesses have made their own decisions, lost some money and now the Conservatives will walk in and guarantee their losses.
20 Billion in profit remains.
Tax payers just paid more.
This amounts to fraud and theft. Wake up Reform party cheerleaders, your pom poms were just sold off.
barry - ontario.
no no no. Stupid report, they just don't get it. Liberals know everything about the economy, and Dion, a lawyer, knows we're headed for a recession and collapse like the US. Sell all your holdings! Fear! Fear!
Whereas Harper, and economist, wouldn't know the foggiest thing about Canada's weak banking system.
I'm being sarcastic.
Steve Daly, Mississauga
Has anyone told Dion and Layton?
They'll be crushed, they thought the bank regulations needed to be changed and that the sky was falling!
Ask yourself, who's REALLY out of touch?
As the economy and banking are front row in the election, I hope CTV will have this piece in the election coverage.
BOOYA! Harper is right!
I guess Stephen Harper was right. Canadian residents are so gullable to the Liberals it is sickening. So quickly we forget the sponsorship scandal and the fact that they may have the most inept leader in their history.
Thanks Mr. Harper. You have my vote.
Big Banks are crooks and should be run by the goverment not stake holders This way they would be forced to drop intrest rates in accordance to BoC rates
Mr Harper and little jimmy do not take credit for this. You like to blame the previous government for everything when thing go bad. You have only been in power for 2 1/2 years. Paul Martin was Canada's finance minister that made all the changes.
Also like Mr. Chretien says he got rid of the 42 billion debt. not harper ( as what he has been saying on the campaign trail.
Can't wait to see how long it takes politicians or parties try and take credit for the strength of our banking system which has nothing to do with the current government in power or any government in the last 10yrs
I wonder what Dion and Layton will say about this. Hmmmmm let me think, the world is in a recession/ depression and Canada is in the best position financailly to come out of this unscaved and debt free! Looks like Harper was telling the truth here, good job to the Cons!
Maybe our PM knows a thing or two about our economic situation after all
Why is this not the top story for all Canadian networks??? Instead it's on the proverbial page 3 or most networks. And of course on the home of the left wing network, we all know who I'm talking about, the C*C it's not even mentioned. I wonder why??? Anyone care to guess which fear campaigns this news hurts?
Excellent. That makes me way prouder than winning Olympic gold.
Being in the business sector for the past 50 years has given me a little experience. The major Canadian banks are safe.
Chicken Little Dion running around trying to make a panic in the financial sector is NOT responsible. He should put the country first.
The last thing this country needs now is the CARBON TAX. It will indirectly tax the lower income and particularly the seniors. The figures show it.
A question for Dion, are a few extra seats worth yoiur panic.
Harper has the platform and the answers.
This is exactly why we in Canada should not be running around in "panic" mode or allowing politicians to use fear mongering to sway our opinions.
I heard nothing but good things about the safety of the Canadian banking system up until the socialists decided they could use the current economic crisis to further their own agendas.
This does not mean Canada will be uaffected by global economics.What it does mean,is that we have a huge advantage over many other nations.In particular,those who are scrambling with billions of dollars to save their banking systems.
Canadians should think very carefully before they cast votes for higher taxes and more debt.You may be more spending for your pet project or "special" interest groups.But it will NOT BE FREE and it may well undermine Canada's correct goal of reducing the debt we carry,and are in danger of passing on to our children.
Considering the state of the world's economy,we are still well ahead of almost every other nation.While we ponder the troubles,it is important to also recognize the positives here at home.
And this is a HUGE positive for us all.And,I suspect,a good part of the reason our government is concerned about the economy,but NOT in panic mode.
Finally the truth
Finally the truth comes out. For all you liberal's who are panicing. RELAX. Our Bansk are sound and our econmy is well placed to weather this storm. So to the parties on the LEFT stop the LIES.
See, this is what can happen when we DON'T follow the US in their cowboy capitalism.
Not long ago the Canadian banks were begging to lose the regulations. A smarter Finance Minister than the one we have now refused their
pleas. Now if we could only distance ourselves from the cowboy foreign policy!!!
Sound Canadian Policy: if it comes out of Washington, be very, very wary.
Just the facts - stop the lies
Wow you can't even accept good news for what it is. Address the article and stop your liberal scare tactics. You lie and you distort the facts. Our banks are sound they are number one in the world. It just amazes me how you can distort that. STOP YOUR LIES. Look at the facts.
Homes sales stabalized
budget is in surplus
we are still creating jobs.
The fall in our stock market is not as bad as the others.
Our banks are number one
Those are the facts.
Kevin in Toronto
Harper's not taking credit for changing anything with the banking system.
He has stated that our banking system is sound; while Dion and Layton have called for increased regulation.
You can't fix what's not broken.
Dave from Vancouver
Correct me if I'm wrong, but I believe this is what Stephen Harper and Jim Flaherty have been saying all along!
Er, actually no government can take credit for this. Its the SRO (ie IIROC) that can. But Harper did recently get rid of the 40 year mortgage and the 5% down. This helped the banks slightly avoid over capitilization
There is a difference between the banking system and the economy. The fact that the economic woes resulting from the US financial meltdown did not originate with us does nothing to alter the fact that our economy will suffer from the fallout.
This completely ignores what could potentially happen when interest rates go up (and they should, they can't stay this low forever). All of these people who are paying $250,000 for a townhouse are going to be in for quite the shock when they see their monthly payments jump by $500. The same thing that is happening in the US is going to happen here, it's just going to be delayed for a few years.
Is it really Harper thats to thank for the success of our banks though? Seems like this has been in the works for awhile and that Harper has just come in and accepted the congratulations. I really doubt he's had much to do with it.
Steve in Aylmer
Will the worm turn again?
The finanicial crisis we`re seeing in the states is due large part to the non-confidence of its economy, financial institutions or banks.
Harper stayed calm, echoed that our banks are safe. For that he gets credit. This puts his campaign in a position of stating that the Liberals are fear mongering. To which they the Liberal may in fact be doing.
Realizing of course we live in global economy and there isn`t much any Prime Minister (Lib. or Cons.) can do if the American economy falls flat on its face, that wasn`t our doing. As long as the Banks are strong and noone cries for a financial bailout...he gained in the announcement.
So will this reverse the fortunes of their flatlined campaign??? We`ll see.
Good to see we`re number one at something other than hockey.
Harper had nothing to do with the strength of our banks. Paul Martin is the real hero. I remember when Harper was against all of the bank regulations Martin established. By Harper'a own
admission, he couldn't get anything done. That's the reason he called the election. Right?
What a useless survey! Luxembourg is ranked second at 6.7, or 0.1 point below Canada YET Dexia Bank (one of the largest in Luxembourg) was just given a 6.4 Billion Euro bailout from their government! I guess the survey rating puts Canadian banks in the same group!! Did the Conservatives pay for this survey?
I agree, this should be the lead story with all news outlets. Now if we could just have a majority government so they could actually get the work done that we pay them to do instead constantly fighting an uphill battle with Liberals and NDP.
chris from North Vancouver
So, if the Canadian banking system is so sound, why then has the Loonie dropped by almost 15% against the US dollar in the past 2 weeks???? (From 2 cents OVER par to 87cents today)
J McQuaid, Corbyville, ON
Just because our banking system is sound, (which we already knew to be superior to the American system) it doesn't mean that our economy or our investments that are tied to the stock markets are secure. It doesn't matter how well are banks do, if our manufacturing sector diminishes, jobs are lost, retail suffers, more jobs are lost, follow the spiral downward. At the very bottom of the hardships, the banks might suffer...a bit.
Canadian banks have been, and will continue to be, extremely profitable, largely because of their ability to nickle and dime us everytime we use a bank machine (increasing revenue) while they cut live teller jobs (decrease cost). They are well positioned to suck up the comparatively small losses they will suffer because of the credit debacle elsewhere.
HM in Ottawa
I still want to see whether this can be proved in a real market crisis and recession, which is almost inevitable in the near future.
CB in Ontario
Mr. Dion and Layton,
Isn't this what the Prime Minister has been saying all along?
I vote Harper. Steady as she goes.
The very regulations, imposed by the Liberals were railed against by the Canadian banking sector who lobbied the Conservatives to loosen them. If Harper had a majority, that is exactly what he would have done. Now that those same tight regulations have saved their bacon, the banks and the Tories are whistling a new tune.
Don from down on the farm
Wow, imagine that, exactly what the PM has been saying all along. I'd had for a few facts to get in the way of the chicken littles running around not knowing what to do.
bren in fredericton
i fint it BRUTAL that the samepeople who were just blaming the PM for the economy and not doing enough are now saying the banks are doing to well and that our economy is because of the previous government. What a crock.Good job PM Harper....keep it up. HE also told NFLD they would be a have province making more this year then ontario and guess what? williams said he was wrong and that and nope..harper was right on that too. Interesting. I notice a trend. Who would have thought that we should listen to the former leader of the Canadian taxpeyers assoc and a lifelong economist over a University prof who was a serparitist in university himself ( dion) and whatever layton was before he was wired together as a socialist.
Steve - if you can't say I will, I told you so....
Of course - jacko who loves to make hay telling people how he would fix our banking system and how the 6000,000 direct employees and the millions of depositors can trust jacko to fix our bad bad banking system. Ya - go jacko go to ...
Harper can use this to show the left what's what. Maybe, it will shut the three-headed serpent (Dion/Layton/May) up.
Who is feeding Layton and Dion their information as they were both wrong here too! Enough of the scare tactics and telling us about all the money they will spend to do nothing but get Canada into debt, during a time when we need to watch our spending.
Go Harper Go!
bren in fredericton
the reason our economyis dipping..you ;leftists..is that a) people arepanicking. and b) we are..to an extent tied to stocks around the world..it is aworld wide stock market. However..our farms are doing well, no one has been experiencing mass layoffs, most people have jobs, and our country can be self supporting.People arepanicking.if u arent pulling all of yourrrsps out in the next week i wouldnt sweat it. I have ten years til EARLY retirment and am socking everything i can into mutuals right NOW. youd be a fool to think markets are not going to be up within six months, and will tkae bets from anyone on that
right wing lies. dont believe the hype. This is what they want you to believe.
open your eyes people.
... The reason the loonie has dropped is because the price of oil our largest commodity/ export has dropped, and beacuse currency is being sideswiped by rising demand for the U.S. dollar as the United States government tries to borrow heavily in global money markets to finance its US$700 billion bailout of Wall Street banks. There is an article on this website about it.
For all the fear mongering the Liberals and NDP have done about our banks, this is just a breath of fresh truthful air! I have not once heard Harper taking credit for the banks being in good shape, all he has been saying is that we are stable and there is no need to panic, and he was telling the truth, compared to the other parties who have been accusing him of sitting back and doing nothing. It's nice to see some truth come out, it makes it easier to vote for a party. As an undecided voter, to this minute I have been swayed. I'm going with the guy who is currently in charge to continue his job!
Vote for the Conservative Party or you waste your vote on the Fear Mongers like Dion and his friend Layton. Prime Minister Harper told you this long ago. Liberals and NDP just want bad news because they are use to it.
Andrew in Alberta
See, the opposition is fear mongering and Mr. Harper is right about staying the course! Canada, don't let the wolves with sheeps clothing sway you vote. We need this conservative government to make it through the tough time ahead! ...
This is generally why I trust a Prime Minister who is an economist.
Robin the Hood
Sure they're stable.. and they did it on the backs of Canadians by gouging us.
People are so gullible !
This report was based on a survey of questions of executives, NOT HARD DATA, and yet people jump all over this like moths to a flame.
Only one poster here was intelligent enough to see through the bull -
What a useless survey! Luxembourg is ranked second at 6.7, or 0.1 point below Canada YET Dexia Bank (one of the largest in Luxembourg) was just given a 6.4 Billion Euro bailout from their government!
BINGO - the ONLY poster who has so far displayed reading COMPREHENSION skills is Toronto Banker.
Not that the data means much - but the most worrisome part - that ranks "competitiveness" ranks Canada a distant 10th place, compared to 1st place for the USA. Banks don't generate wealth - competitiveness and innovation do - the latter according to FACTS from OECD and stats Canada - under Harper has Canada's productivity rating actually FELL - while under all other governments it increased. Yet so many people are so ignornant and apparently unwilling to inform themselves as to hard facts. I'm not partisian, but the facts speak for themselves.
M Duquette Mississauga
If Cadillac Jack or Dion even try and spin this it will be the icing on the cake for the Conservatives.
It wasn't martin who did this, it was the last 2-1/2 years of solid honest government who have seen this and acted.
At this time we really only have 1 choice to keep things as solid as possible.
If you love this country PLEASE vote Conservative. We need to get many many things done.
Please know that all of the banking regulations were in place well ahead of the short time that Harper has been in office. In fact, given the opporunity, similarily to the right wing in the US, Harper would likely deregulate the Bank System...you have the Federal Liberals to thank for the award winning Canadian Banks that are now being recognized.
James from Vancouver
Thanks to Chretien and Martin.
They said no to bank mergers and looser regulations when Harper/Manning were pushing for looser regulation.
secure in Ottawa
Something scary I've noticed on newscasts about the banking panic: on two newscasts I saw the 'man on the street' interview in Canada, where they spoke to people who were worried about "our banks collapsing around us' - people see so much of the american news, and "the sky is falling" newscasts fromt he Liberan Canadian media, and think its happening here too.
Canada's ecomony will be bruised by the American problems, but we will do just fine.
I'd like to meet someone with mutual funds or RRSPs that signed a document when they started contributing that guaranteed the money they were investing...everybody knows the risks...
BC Wet Coaster
Dear Fellow Canadians:
Please *read this article carefully* specifically the quote from the article:
"Twelve-thousand corporate executives around the world were interviewed on a number of questions"
All this is, is a survey of bank executives, you know the ones who are responsible for the collapse of the global economy?
This is like saying 12,000 Big Mac eaters were given surveys and most stated that they thought the food they were eating wasn't harmful to their health.
Hello? Is this thing on? Think McFly, think!
SD from Ottawa.
So let's see....
Dion and Layton spread fear and panic that more needs to be done, yet this report comes out saying we have the strongest banking system in the world. I wonder who's telling the truth here.
Guess who gets my vote.
Taxpayer, business man in BC
Somehow, Dion and his Libs will find a way to take credit for this as well. I'll bet they'll suggest Paul Martin created this situation. Then they'll brag that they overtaxed Canadians to the tune of 13 billion dollars and kept that money in their own bank account. By the way, I wonder who's going to bail out the Liberals after this election and pay off their credit cards? They don't have the tax payers money to play with anymore. My gosh, I am so worried that the easily influenced Canadians will buy into the fear and lies and unattainable promises and not return a strong Conservative government. We need stability rightt now, not a high risk, panic driven socialist that looks like a deer caught in the headlights! ...
Guess I'll be putting my vote with Conservatives after all. They were telling it like it was. Bully Dion and Laytons scare tactics - shame !
In the States, any corner store can be a bank, which is why they're in this trouble in the first place. Canadian common-sense and ingenuity have come out on top once again and proven that while future times may require tightening the belt, we're not doing that bad.
I'm so happy to hear what we already knew, our Canadian banks are solvent and a well regulated system protects the consumer. We can thank previous Liberal governments for that. Harper can run around and claim what he wants, with this study in hand. But it is obvious that he still does not get it. We have all just taken a beating in our RRSPs and pension plans, and it is going to hurt. What is his plan to protect us? Yes, that's right, sit there an look at himself in the mirror, with those nice blue eyes and sweater. Yes, that's right, sit there and help all your rich oil company friends. Yes, that's right sit there and watch the planet choke on carbon. Yes, that's right, remove your ignorant conservative government from programs that help people, and then claim that we are all better off. What's next? Cut healthcare? I think we need to take a real hard look at what these narrow minded "reformist" are really doing.
just because we have strong banks doesn't mean we cant be devastated by the financial crisis and doesn't mean they wont fail. Canadians have already lost alot of money on the stock market since the crisis.
To put it in perspective, we were No 2 last year, out of 131.
Our banking sector is traditionally strong. Nothing new here.
It's just something Harper didn't have a chance to mess up because he wasn't allowed a majority.
Let's keep it that way, at least. Better yet, let him offer market advice to Dion from his seat in the opposition benches.
The question isn't whether Harper or Cretien can take credit for our solid Banking system. The question is "Why do Dion and Layton scream recession and say our banking system is falling apart". Obviously, as with health care, they must do their banking in the USA.
Fred In Ottawa
Harper wasn't right!! He wanted to loosen up the regulations, to go with a more American style banking system. He just didn't get the chance yet. Are you going to let him? Now that you see the folly of rabid deregulation
Nick in Gatineau
Harper had nothing to do with it. He's totally hands off because he doesn't understand the math behind all of it. Him taking the glory for it is a shameless act. He should be ackowledging the organizations that are responsible.
If anyone should be screaming from the rooftops it should be the banks and OSFI. But given the response from the banks as of late, and the cash injections they have received, I don't think they should scream too loudly. There are still 2 more economic tsunamis to come. Will the banks be ready for them ? Will Canadian corporations be ready for them ?
Jason Daniel Baker
The Banking Act predates all the leaders in this election. That and no individual politician is why Canada's banks are so solid. They couldn't make the risky moves other banks have if they wanted too.
Thus Canada is only vulnerable to this world financial crisis in the respect of how tied we are to globalization.
That doesn't have to be a bad thing for us. Canada could emerge as the hero in this crisis. We could provide safe havens for other people's money globally. Because of that our own fiscal position will improve.
Our banking practices will soon become the pacesetter for the world.
What was it, yesterday that Layton was suggesting in Vancouver an impending Depression worse than the dirty 30's and a few days ago Dion telling us that the future was going to be worse than a recession. Funny how lies have a way of catching up to you.
The Conservatives have my vote all the way.
Barry in Saskabush
Great news this is! Now we know which party leader has been telling the truth about the state of our economy. Dion and Layton yelling fire fire when there is none - is disgusting; they should be run out of town for their dishonesty. The International Monetary Fund is less biased than any of the political leaders in our land; they say we are doing well and likely to keep doing well, so why won’t Liberals and NDPee’ers believe them?
On another note, I believe Dion’s carbon tax will cause huge environmental damage. The bureaucracy that will need to be created for it will result in many trees being cut down for all the paper involved. Paper when the tax is collected, paper when it is managed within governmental red tape, paper when there is a credit paid back to a portion of the population, paper in envelopes and stamps etc. In the interest of preserving our forests, taxing money and then paying it back to people is just crazy – the money should be left in people’s pockets in the first place. Just because we need a solution to humanity’s overuse of carbon-based products does not therefore mean we should cling to just any bad idea out of desperation. Yes, the environment matters – but it matters enough that people shouldn’t do stupid things and think they are thereby fixing it. I have to vote Conservative – it seems to me as the only logical choice. No – I’m NOT a member of any party honking a party’s horn – I’m just being logical with the facts on the table.
Good to hear, but we still have to be wary and dig around for the real news. Things were flying high in Iceland a few weeks ago and now they're facing national bankruptcy. Globally, banks are now acting together. Events can change overnight. We might wake up next week to face a dreaded "banking holiday".
Bob in Ladner
Good on CTV for running this story. I know how difficult it must have been for you to do so.
What do you wanna bet this might have something to do with the 61 changes the conservatives made in the past 2 ½ years.
Sean - Torontop
I haven't seen Harper taking credit for the state of our banks, although to some degree, he should be. After all, while U-S and world banks were throwing money out the door at anybody who asked for it, Harper realized that this approach was irresponsible, and ended the 40-year mortgage, and the nothing/5% down idea here. Thus, Canadian banks were prevented from falling into the same trap.
But lets not confuse the state of our banks, with the state of the economy. And again, the IMF points out that while the US and other countries are headed backward, Canada will continue to create jobs, and its economy will continue to grow, al-be-it at a very slow pace for the next two years. This is what Harper should be taking credit for (quite rightly). After all, he and Flaherty saw the global economy, especially the American economy, slowing over a year ago, and they did something to protect the Canadian economy by taking in less tax revenue, and leaving more money in our pockets to pump into the economy as we see fit. If you care to recall, he was widely critisized by the Liberals, NDP, Bloc, and the media for it. But he held true to his convictions, mtaining a "steady as she goes" approach. You haven't seen him aking up economic policy on thefly in the middle of an election campaign. This is called leadership.
Harper, you have earned my vote. And if they're smart, millions of other Canadians will send theirs your way as well.
I guess this report confirms that Layton, Dion and Duceppe are all fear mongering Canadians about the Solid financial plan set by the Conservatives.
I was going to vote Liberal, but now that the proof has been set strait, I will not vote for a lying fear mongering Government.
I now believe that Harper has stayed professional, and calm. He showed leadership and honesty.
No wonder Jack Layton wants to get his hands on the banks! The worst thing we could do this century would be to let the Liberals and NDP back into power. Remember they took the country down the road to ruin after their 1972 minority government.
Does Jack Layton and Stephane Dion know this?
Stephen Harper knew this.
Makes you kind of wonder what else Jack and Stephane don't know.
Am I confused, Layton and Dion say the opposite. Isn't the sky falling like they said. They are always right, aren't they?
Have to change my vote again, damn.
- Remember ($2,000,000,000 (that's billion) gun registry?
- Remember sponsorship scandal?
- Remember the GST and promise to cut it? (Liberal Red Book)
- Remember transferring all expenses to the provinces to cut the deficit?
- Remember bring home the constitution and forgetting Quebec?
- Remember the scare tactics directed at Conservatives of the last 2 Federal Elections
- Remember Kyoto the signed? and did nothing except naming a dog after the treaty?
Do we want to trust professor Dion with our economy and his Green Shat Plan? Or his 30 days of meetings to discuss the economy and spend more of our money?
They are about as socialists as the NDP.
And the Bloc, is a total waste of a vote! What we need a is strong government with deputies from every province including Quebec!
Who gave us Free Trade and the GST that allowed the Libs to balance the books? Yes the Conservatives!
Vote PC, enough said.
Likely this will be under reported. But even if it was given front page most liberals will vote liberal regardless of reality. I truely believe that liberals would vote for a SOCK PUPPET as long as it had a liberal jersy on....KINDA LIKE NOW!!
Dixie from Alberta
So why all the hype from the Libs & ND? Jack wants to re-regulate the Banks. Too bad most don't hear the good news .... only the that the sky is falling and we are headed to another great depression. Slow and steady is the course. Hopefully we won't have to think of separating from Canada after next Tuesday. PM Dion, & Fianance Minister Bob Rae..talk about scary. Makes me want to run for the hills or turn off the taps to the rest of the country.
Lee in Calgary
Let's see, the PM was ripped for saying the economic fundimentals and our banks were sound, we are currently in a surplus position and have a net growth of jobs this year and it turns out surprise surprise that over the last two days the International Monitary Fund (IMF) says Canada has the best growth forecast of the industrialized world for 2009 and the World Economic Form says we have the best banks. We're the MSM on these two reports...no where, they're to busy helping the Liberals and the NDP fearmonger and confuse the Canadian public into thinking the same mess the US finds itself in is just around the corner. This is not just shameful but down right irresponsible.
So Harper was right all along. I thought he was out of touch? Maybe we should hand over the reigns to Dion or Layton NOT!!!
Hopefully this news, as well as that from the IMF yesterday, will see poll numbers trend back to Conservative-majority territory. It's amazing how skittish the Canadian voter is - we need strong Conservative economic policies, not the disastrous green shift or the tax-and-spend policies of the Liberals and NDP!
MRC...and others. This doesn't reflect on Harper in any way. This has to do with strong regulation (which Harper doesn't like) and common sense lending practices. It took decades to build up such a strong system.
Harper gets no points here except that in the two years he has been in, he hasn't tried to deregulate them (even if he could).
Nfld in Ont
To me the point is not about who can take credit for the Canadian banking system; instead it is about whom you want leading the country for the next 4 years.
Dion and Layton have been preaching 'fear' for the past few weeks for one of two reasons: gain support through panic OR neither of them has a clue about the economy (OR perhaps both). Either way, not the kind of people I want leading me through tough economic times.
I do think Canada will experience an economic downturn soon (regardless of who is running the country). Whether or not it is technically a recession will not matter to the many who will lose their jobs and homes. Given the recent "politicing", my question remains: who would be best to lead us through it?
JR - Ontario
There you go... Harper was telling the truth after all. Time for the Conservatives to corner Dion and Layton for spreading lies and show Canadians they will say anything to get votes. They spent the last week telling Canadians the Financial sector was falling apart, it obviously was not!!
The sky isn't falling Jack and Stephane. You two are pulling the same old bogey man tricks that have put Liberals in as governments since Pierre T. I can understand the dyed in the wool followers of their respective parties but the swing voters who catch a 10 second (left wing) sound clip and believe the "sky is falling" crap are the ones that amaze me.
Jack and Stephane must be bitterly disappointed that they can't score cheap political points from the global banking crisis. Mr. Layton's hysterical performance over the past few days when attacking the PM's measured response was one of the worst episodes in Canadian political history. Completely irresponsible and fear mongering at its worst. He's unfit to be a leader.
A Real IT Manager from Calgary
Good on CTV for reporting this good news! Other news outlets that appear to be biased in their reporting are not reporting this story. Gee, I wonder why? This further reinforces the cool level headed mode that Harper is correctly doing.
Patricia in touch with reality
If our financial status is so grand, then we can continue to support our public health care system, afford decent daycare, fix the crumbling infrastructure of our cities and keep our education system and CPP and all the rest that I am sure that Harper would like to demolish. Why? because he is a friend of the rich bankers and corporations and the little guy can go fend for himself. Most of you neocons do not know what Harper has up his sleeve (er, sweater) in store for our once and beautiful country. Say good bye to the richness and compassion of our wonderful Canada because if he gets a majority this time, we all better start praying. Don't believe me? Just you wait and see. don't count your chickens before they are hatched.
Eric in Oshawa
There you go Stephan!!! Number 1. I hope Stephen Harper steps up and makes this a point. This is a very big deal to be number 1 in the world!
Harper is Bush's alto ego. Bring our boys home "what does that cost us?" not quite what the Americans are paying for their bogus wars but it is relative based on the difference in population....I don't like paying for old "W's" mistakes!
Belgium and Ireland both appear in the top ten list, both scoring 6.6, 0.2 behind Canada in the scoring system.
... but both Belgium and Ireland have seen banks collapse during the past few weeks.
The WEF report doesn't say anything good about the US and German (or for that matter UK) banking systems, but I wouldn't take it as a guarantee that the Canadian system doesn't have cracks.
As shocking as it may be for some of you - Harper is Not God! I know, it is hard to hear. He spent our surplus and will lead us to a deficit! He didn't create the recession we are headed into but he didn't do much to stop it! Take out ear plugs and remove your rosie coloured glasses. Wake up and vote this joker out!
Don from Ottawa
Hopefully this stops the absurd flight in the polls towards Liberals and New Democrats as saviours of the economy. Surely even the most hate-filled members of the Intolerant Left must agree that Stephen Harper is the only current federal leader who understands economics.
William, London ON
We have Paul Martin to thank for this as he staved off the bank mergers and stiffened the bank regulations while he was finance minister. Harper has done nothing in this regard in the last two years. Hopefully we can get back to sound Liberal fiscal policies and distance ourselves from the failed ecomomic policies of Stephen Harper.
Seriously people? The financial sector is good. Yes. What will happen when our 80% of export partner will stop to buy due to recession?
Canada is certainly in 1 of the best place of the world financially, but let's face it. There is going to be a slow down of economy: Even the TD economist says it!
And Harper's all is good don't worry, is not even a necessary bad choice, as he try to keep the stock market from plunging even more.
No NFL fan in Canada should vote for Harper! Who wants to hear anything about politics during a football game (he is on every commercial). Follow the rules Harper; you don't talk religion or politics over a few "pops." If he said at the start of the game "Folks, I just want you to know that I realise this game means something to you, so I will stop my incessant yammering until the game is over" He might get a few votes.
Bill from Whitby
Dave do you have any clue how many countries there are in the world and to finish 10th is doing pretty good I would say.
Jason Daniel Baker
You're absoulutly right. Its already happening. The Chinese regulator has asked the CSI to model their educational and licensing system on ours.
Ron in Moncton
this is a great article. Harper was, and is on the right track. Unfortunately, I do not think this will be printed in Quebec. the media will not stand for a Bloc defeat.
Martin from NS
So now that this report is out, the Conservatives can rally for a great financial economy. The Liberals/NDP's Scare tactics won't work on the average Canadian anymore. Just because our banks are among the best in the world STILL doesn't mean that we are completely safe! We have got to work on maintaining this level of security in Canada to ensure Canadians don't get screwed. I am glad that Harper has not and will not commit to a bail out for our banks, who apparently do not need it.