OSFI reassures Canadians about the banking system

With markets in a tizzy about deposit runs and bank failures, OSFI felt it necessary to put Canadian minds at ease Monday.

"Canadians can be confident that we have a sound and effective regulatory and supervisory foundation that works to protect depositors and creditors," the regulator wrote in a statement yesterday.  

Rarely do you see the country's banking overseer feeling the need to clarify something so assumed. Clearly, OSFI doesn't want more depositor and investor fear to creep over the border.

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