Daily News: July 12, 2012

Canadian Banks Seen Superior Surviving Global Shock

According to a Bloomberg report that was based on an interview with the country’s banking regulator, Canadian banks, ranked the soundest by the World Economic Forum, can withstand major economic disruptions because they moved more quickly than their competitors to raise capital buffers.

“They could withstand a lot of pain, in part because we’ve kept the capital requirements high,” the regulator said according to Bloomberg. “They are extremely well situated and certainly even stronger than they were going into the crisis in 2008.”

The regulator noted that she hasn’t noticed any signs that creditworthiness of the nation’s banks has diminished in recent months as concerns mounted over the European debt crisis and signs of weakness in the U.S. economy grew, Bloomberg said.

To read the Bloomberg story, click here.