“Money won’t make you happy… but everybody wants to find out for themselves.”
Vaupshas said Freeland met with Peter Routledge, Canada’s superintendent of financial institutions, one day after his office announced it had seized control of SVB Financial Group’s branch in Canada. US regulators shut down its California-based Silicon Valley Bank on Friday.
Freeland has issued two brief statements but hasn’t spoken publicly since the collapse of SVB and New York-based Signature Bank. Yields on short-term Canadian government bonds are falling at the fastest rate in decades as investors reverse course and bet the Bank of Canada will start cutting rates in the coming months.
The finance minister’s office said she has also convened meetings with the heads of national and regional Canadian financial institutions, which were attended by Routledge and Bank of Canada Governor Tiff Macklem. The central bank has so far not made any public statements about the market turmoil.
How Twitter and social media killed SVB Bank
Customers withdrew $42 billion in a single day last week from Silicon Valley Bank, leaving the bank with $1 billion in negative cash balance, the company said in a regulatory filing. The staggering withdrawals unfolded at a speed enabled by digital banking and were likely fueled in part by viral panic spreading on social media platforms