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What in the world is going on? I was sort of understanding the SVP issue and then I thought I was sort of understanding how it spread in the US, but now Credit Suisse? Can this also spread to Canada? https://www.cbc.ca/news/business/sil...s-uk-1.6776860
What in the world is going on? I was sort of understanding the SVP issue and then I thought I was sort of understanding how it spread in the US, but now Credit Suisse? Can this also spread to Canada? https://www.cbc.ca/news/business/sil...s-uk-1.6776860
They are doing it quietly so not to appear as vultures.
BMo is circulating a marketing presentation which “highlights its size and safety relative to U.S. banks, as well as a suite of BMO products geared toward venture capital firms and tech companies.”
RBC and CIBC are being more subtle, spreading the word that they are available to help companies that are looking for a new home.
What in the world is going on? I was sort of understanding the SVP issue and then I thought I was sort of understanding how it spread in the US, but now Credit Suisse? Can this also spread to Canada? https://www.cbc.ca/news/business/sil...s-uk-1.6776860
Banking is quite different in Canada. This article explains some of the differences.
cdnirene is correct that regulations are a huge part of it.
"Are there any lessons here for Canada?
Ornthanalai: “In Canada, I don’t think we’re going to have the same problem, because our banks are so diversified in terms of who their clients are. But in the U.S., I foresee more regulations regarding who their clients are, who are they depositors are, and where they park their money.”
Christoffersen: “You know, it’s funny, (we saw that) during the financial crisis, we actually, probably, have one of the strongest banking systems, one of the most resilient. And I think that there’s a lot of learning that they (the United States) can take from us in this case: Keep your banks well capitalized. Make sure that you have consistent policies overseeing them so that there’s consistency there. And these are things that I think Canada has done particularly well.”
They are doing it quietly so not to appear as vultures.
BMo is circulating a marketing presentation which “highlights its size and safety relative to U.S. banks, as well as a suite of BMO products geared toward venture capital firms and tech companies.”
RBC and CIBC are being more subtle, spreading the word that they are available to help companies that are looking for a new home.
I'm not surprised, OK maybe a little, that here on CD in the numerous threads on this banking crisis, no one has mentioned this story. Not a word about Canada etc. Especially from the guy who told me a few weeks ago that the Canadian banking system was stuck in the 1970's.
I'm not surprised, OK maybe a little, that here on CD in the numerous threads on this banking crisis, no one has mentioned this story. Not a word about Canada etc. Especially from the guy who told me a few weeks ago that the Canadian banking system was stuck in the 1970's.
Wonder what he's thinking now?
Two reasons I can think of for why there's no mention of it.
Unless the story has been picked up by other media besides G & M then for those who don't and won't subscribe to G & M (like myself or like other media that aren't subscribers) then they aren't going to know about it stateside. I'm in Canada and even I can't read that article because I'm not a subscriber to G & M. So I don't know anything about it.
That doesn't surprise me at all that others don't know about it, it's no more than I would expect. I have no doubt that they (and perhaps other American media) don't want to know and don't want others to know about whatever Canada is doing about it so are turning a blind eye and a deaf ear. I think perhaps in this case that is just as well so as to avoid increasingly worse resentment and begrudgement from a certain sector towards Canada. You can lead a hide-bound resentful old horse to water but you can't make it drink and you cant expect any gratitude from it for the relief that the water might have offered.
Two reasons I can think of for why there's no mention of it.
Unless the story has been picked up by other media besides G & M then for those who don't and won't subscribe to G & M (like myself or like other media that aren't subscribers) then they aren't going to know about it stateside. I'm in Canada and even I can't read that article because I'm not a subscriber to G & M. So I don't know anything about it.
That doesn't surprise me at all that others don't know about it, it's no more than I would expect. I have no doubt that they (and perhaps other American media) don't want to know and don't want others to know about whatever Canada is doing about it so are turning a blind eye and a deaf ear. I think perhaps in this case that is just as well so as to avoid increasingly worse resentment and begrudgement from a certain sector towards Canada. You can lead a hide-bound resentful old horse to water but you can't make it drink and you cant expect any gratitude from it for the relief that the water might have offered.
.
Probably best, as you say.
Here is a link to the G&M story so you can read it.
As a result of the 2007-08 financial crisis, the Dodd-Frank law was passed by Congress in 2010. This law created stricter regulations for banks having at least $50 billion in assets.
In 2018 that law was rolled back to only apply to banks having at least $250 billion in assets and some banks specifically selected by the Federal Reserve with assets over $100 million.
What's there is what I suspected, and the following quote confirmed it for me "..... (Canadian) ..... banks are doing so subtly, industry sources said, in an effort to not look too opportunistic. The Globe is not identifying the sources because they are not authorized to discuss such matters."
I think that's for the best, as in "the least said the soonest mended" and I think since Globe & Mail isn't authorized to discuss other industry sources confidential and cooperative efforts, the G&M should stop trying to stir the pot, keep it's big mouth shut and say nothing. No doubt other more sensible industry sources and Canadian media sources recognize that, are being subtle and aren't also trying to stir the pot or create a panic.
I guess you can tell I don't approve of G & M's interfering ways and horn blowing.
Canadians are usually gouged so given the banking fees in this country, i'm sure the big 5 in Canada are sittin pretty regardless of what happens in Silicone Valley
It isn't something that should be ignored for sure. Nothing is an island unto itself but in general, Canadian banks are very diversified and the Canadian banking system model is very robust. I read that the biggest impact this will have is on Canadian banks that have a foothold in the U.S. BMO and TD have recently acquired U.S banks so it could leave them a bit more vulnerable with their U.S operations but these aren't really a big part of their pie.
Last edited by PJSaturn; 06-06-2023 at 08:56 AM..
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