Finance Minister Flaherty to confer with bank executives in Toronto on Monday (Flaherty-Banks)
The Canadian Press
Apr 25 13:54
OTTAWA _ Finance Minister Jim Flaherty announced Friday that he
will meet representatives of the Canadian banking industry Monday
morning in Toronto.
The finance minister had said April 16 he wanted to confer with
the country's top bankers within days to discuss financial-industry
reforms agreed on by finance ministers from the world's leading
economies.
At that time, Flaherty praised the performance of the Canadian
banks, which have generally avoided deep bad-loan writedowns like
those that have engulfed many big American and European financial
institutions since the U.S. subprime mortgage market collapsed last
year.
But the minister said he wants a uniformity of practices in
Canada, and originally indicated he hoped to meet the bankers during
the past week.
Finance ministers from the Group of Seven countries agreed in
Washington two weekends ago to make various regulatory changes over
the next 100 days, including moves to uncover exposure to shaky
subprime-backed securities.
The recommendations of the so-called Financial Stability Forum
include tighter oversight of capital levels, liquidity and risk
management.
Friday's statement from the minister's office said Flaherty will
hold a ``brief media availability'' after meeting the bankers Monday
morning.
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