Speeches and Presentations

Speaking Notes for Evan Siddall, President and Chief Executive Officer, Canada Mortgage and Housing Corporation C.D. Howe Institute Roundtable Luncheon 421 7 Avenue Southwest, Suite 4000 Calgary, Alberta Why Housing Matters to Canada’s Financial Stability: Insights on Housing Market Risks and CMHC’s Financial Stability Role Thank you Bill, and a special thanks to the C.D. Howe Institute. C.D. Howe is of course well known as one of Canada’s foremost economic think tanks. I want to speak today about how Canada’s housing finance system contributes to our overall financial stability – not only when economic times are good, but more importantly when they are bad. The Institute is no stranger to the debate about the...
The C.D. Howe Institute organized an invitation-only conference in Toronto entitled The Future of Financial Services: Competition and Growth. The event brought together financial sector executives, senior policymakers, eminent academics, and other financial market participants to address the effects of recent and impending regulations on competition within the sector, and on consumers of these services.
Remarks by Superintendent Jeremy Rudin to the C.D. Howe Institute, Toronto, Ontario Away from the Lamppost: Culture, Conduct and the Effectiveness of Prudential Regulation It is nearly seven years since the failure of Lehman Brothers and its aftermath opened eyes around the world to weaknesses in the regulation and supervision of financial institutions. This led to a wave of global regulatory and supervisory initiatives. In Canada, this wave is cresting. For us at OSFI, this is the time to increase our focus on the effectiveness of the measures we have taken. To do this, we will be obliged to look not only at the direct evidence that financial institutions are meeting our expectations about risk management and...
The Bank of Canada should collect and analyze data to assess the changing nature of the risk profile of Canada’s shadow banking sector, according to former Federal Finance Minister Michael Wilson. In “Taking the Shadow Banks out of the Shadows,” Wilson emphasizes that overregulation is not the answer to ensuring stability and competiveness in the sector. Canada’s shadow banking sector is not as large as in other countries and the assets involved are subject to less credit risk, states Wilson. Creating a role for the Bank of Canada to improve data collection on a voluntary basis is an appropriate response to this growing part of the financial sector. Wilson commented: “I believe that this would be a useful and responsible step forward...
Financial regulators should better balance the goal of creating stable markets with the need for allocative efficiency, the key contributor to the growth of the economy and Canadians’ income, according to former Governor of the Bank of Canada, David Dodge. In “Financial Regulation and Efficiency: Tradeoffs in the Post-Financial Crisis Era,” Dodge warns that Canada is being dragged along by overzealous governments and regulators in other countries. “I would contend that since the financial crisis, many politicians around the world have focused almost exclusively on the goal of constraining instability in the financial system and have lost sight of the importance of allocative efficiency,” remarked Dodge. In the report, Dodge argues...