Canada Home To Most Stable Banking System
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Posted by Daniel Workman Nov 1, 2008 |
The World Economic Forum recently published results of a survey in which 12,000 corporate executives from around the world graded banks from around the globe.
Nations with banks seen as insolvent were assigned a number as low as one. At the upper end, a mark of seven was reserved for countries with a banking system seen as entirely healthy.
Below is a list of the world's top 10 banking systems. Point scores from the World Economic Forum survey have been converted to percentage marks for easier comparison.
- Canada ... 97.1%
- Sweden ... 95.7%
- Luxembourg ... 95.7%
- Australia ... 95.7%
- Denmark ... 95.7%
- Netherlands ... 95.7%
- Belgium ... 94.3%
- New Zealand ... 94.3%
- Ireland ... 94.3%
- Malta ... 94.3%.
In contrast, the failure-prone banking system of the United States of America scored 57.1%.
While traditionally the German banking industry has enjoyed a strong reputation for thrift and strong financial leadership, Germany's banks received an even lower mark of 55.7%. That grade is similar to those assigned to banking systems in less developed, risky and volatile emerging economies.
Strong Canadian Banks Support Trade Ventures
Canada's largest bank is Royal Bank, followed by CIBC, Bank of Nova Scotia, TD Bank, Bank of Montreal and National Bank.
Given the stability of countries like Canada and Ireland, will these trading partners focus on exporting and importing among each other?
Canadians should sleep well knowing that their financial assets are relatively secure.
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