The Mudcat Café TM
Thread #115135   Message #2461704
Posted By: Q (Frank Staplin)
09-Oct-08 - 11:12 PM
Thread Name: BS: World's soundest banking system is in...
Subject: RE: BS: World's soundest banking system is in...
Although regarded as sound, Belgium, Nederlands and Luxembourg have had to put billions into one of their largest banks. The situation seems to have been stabilized.

Canada has a small number of very large (and old) chartered banks. There are others, such as Alberta Treasury Branch, limited in their operations, but they do loan mortgage money. I believe all require a down payment and a credit rating, so they are conservative. (Correct me if I am wrong, Little Hawk).
Many individuals are invested in Canadian bank stocks, they are generally regarded as safe.

I think the largest offshore bank operating in Canada is HSBC (Hong Kong, China). Of course the big European banks have business offices here, but they do not deal in home mortgages, etc. in Canada. Many people in Calgary put their savings in the local HSBC branches, they offered a quarter more interest than the others, but now I think they are all the same. So far, haven't heard of any real problems at HSBC. The Chinese (inc. Hong Kong) seem to be fairly careful. One Chinese bank has had to be propped by the Chinese government, but not many wails of woe coming from there.

Yes, some of the Canadian banks are large, but 'rich' is not a proper designation; they make money for their many shareholders and thousands of employees and grease the business operations of the country.

Now, damn it, you Americans get things straightened out down there- the price of petroleum is dropping too low, and you are cutting into Canada's income!