News for hackers. Stuff that matters.

A comment on Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC. Parent comment

Re:Joint Statement by the Department of the Treasury, Federa... by Scoundreller on Sunday March 12, 2023 @09:27PM (#35129432)
Yeah, CDN banks got massive direct and indirect money from Ottawa: https://www.cbc.ca/news/business/banks-got-114b-from-governm...

Canada also had its own duration mis-match crisis with Asset-Backed Commercial Paper where debtors expected to just roll over the paper every 30-45 days... until they couldn't and it froze up. Took a decade to unwind.

https://www.advisor.ca/news/industry-news/lesson-to-learn-fr...

> There are no regional banks whatsoever

Sure there are. Laurentian Bank is almost entirely based in Quebec. National Bank of Canada has almost all of its branches in Ontario, Quebec and NB.

Then there are the credit unions which are almost entirely provincial (with a riskier backstop than that of US credit unions).

[ Parent | on HN ]
Re:Joint Statement by the Department of the Treasury, Federa... by kwooding on Sunday March 12, 2023 @09:37PM (#35129529)
In fact, deposits in provincial Credit Unions in Canada are, at least in the provinces I’ve banked in, 100% guaranteed. (As opposed to the big banks, which are only guaranteed to $100,000).

Source: https://www.canada.ca/en/financial-consumer-agency/services/... (and the marketing campaigns of the credit unions)

[ Parent | on HN ]
Re:Joint Statement by the Department of the Treasury, Federa... by Scoundreller on Sunday March 12, 2023 @10:32PM (#35130156)
Diff is that the feds have the ability to literally print money. Provinces would be limited to issuing bonds.
[ Parent | on HN ]