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jadedragon
Administrator
Canada
3788 Posts |
 Posted - 10/09/2008 : 19:22:21
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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:
Canada (6.8)
Sweden (6.7)
Luxembourg (6.7)
Australia (6.7)
Denmark (6.7)
Netherlands (6.7)
Belgium (6.6)
New Zealand (6.6)
Ireland (6.6)
Malta (6.6)
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.
ADDED COMMENTS: US is at #40, UK #44 out of 139 countries. Survey was done back in 1st quarter before all the current excitement.
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“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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fb101
Administrator
USA
2856 Posts |
Posted - 10/09/2008 : 19:59:30
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| Makes me think about putting my money Canadian banks... |
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redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 10/09/2008 : 20:11:03
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It could also be like Cramer telling everyone to not sell Bear Stearns
when they (he) knew what was coming down the road...
quote:
ADDED COMMENTS: US is at #40, UK #44 out of 139 countries. Survey was done back in 1st quarter before all the current excitement.
Whats their condition now...???
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Edited by - redneck on 10/09/2008 20:21:31 |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 10/09/2008 : 20:21:41
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| I was listening to Canadian radio the other day (across Lake Erie) and it reported that the housing crash is starting in Canada too. |
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Think positive. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 10/09/2008 : 20:21:55
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| Canadian banks are still in very good condition - US banks maybe in far worse condition since the survey. Note in this survey that "one being insolvent and possibly in need of government assistance" pretty much describes a financial sector with failures left, right and center, and a government talking about putting equity into various banks to prop them up. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 10/10/2008 : 07:11:42
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| I have heard that anyone can get a safety deposit box in Canada and that there are 0 reporting requirements. I am not sure that I 100% trust Canada not to ban gold ownership, but it has got to be a safer place to keep a stash at the moment than in the US. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 10/11/2008 : 02:04:15
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I don't see why an American could not get an account and/or a safety deposit box in Canada and I'm sure many have both. I'm not aware of any government reporting requirements for banks, other the reporting of interest earned over a certian threashold to CRA for tax purposes (they send a little form for your tax return).
There are 5 big banks in Canada (Royal/RBC, Scotiabank, TD Canada Trust, CIBC, and BMO/Bank of Montreal). All have various international including american subsideraries, and own brokerage businesses etc. There are a few "second tier" banks that are not considered to be national in scope - often subsideraries of international banks (I deal with HSBC for example). There is also a strong credit union movement, especially in BC and Quebec. In BC nearly all Credit Unions are open bond, meaning they will accept anyone as a member. Wikipedia has a good article on Canadian banks. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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dpwozney
Penny Sorter Member
Canada
50 Posts |
Posted - 10/11/2008 : 14:21:26
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Of course, unlike in the U.S.A., in Canada someone cannot walk into a bank building and exchange bank notes for rolls of nickels all made of cupronickel.
Rather, one will instead get rolls in which most of the nickels are composed mainly of steel. |
"The silver is mine, and the gold is mine, saith the LORD of hosts." (Haggai 2:8) |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 10/11/2008 : 21:28:29
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quote:
Originally posted by dpwozney
Of course, unlike in the U.S.A., in Canada someone cannot walk into a bank building and exchange bank notes for rolls of nickels all made of cupronickel.
Rather, one will instead get rolls in which most of the nickels are composed mainly of steel.
I heard that you can buy and sell gold at some banks. Is that true? |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 10/11/2008 : 21:50:08
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quote:
Originally posted by horgad
quote:
Originally posted by dpwozney
Of course, unlike in the U.S.A., in Canada someone cannot walk into a bank building and exchange bank notes for rolls of nickels all made of cupronickel.
Rather, one will instead get rolls in which most of the nickels are composed mainly of steel.
I heard that you can buy and sell gold at some banks. Is that true?
This network for sure. You must be logged in to see this link.
I haven't actually bought from Scotia -but checked it out once earlier in the year. The fees encourage larger buys, but then compared to the premiums charged by the few coin dealers with PM now and the spreads on eBay, the Scotia bank fees might make sense now. If someone like horgad wants to call them and decides it is worth ordering from Scotia, I'd even help facilitate a buy - maybe tack on an order for myself and spread the fees over a larger order.
On nickels, I get about 35% CuNi, 15% Pure Nickel, and 50% steel. I also get 50% Cu on pennies. If you want, you can easily find Pure Ni Quarters and Dimes too. Plus you'll find US coins mixed in for an exchange rate gain. So actually I prefer buying Canadian coins at this pount. Just wish I could play with US 1/2s more.
You must be logged in to see this link. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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No82s
Penny Pincher Member
USA
198 Posts |
Posted - 10/12/2008 : 21:33:57
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| Not sure if this was already posted here but check out You must be logged in to see this link. to get a rating on your bank or credit union. |
The difference between an optimist and a pessimist is that the pessimist is better informed. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
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Canadian Banks Tops In World - US at #40 position
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