Estimating Government Support for Canadian Banks During the Financial Crisis
April 30th, 2012Via: Canadian Centre for Policy Alternatives:
Throughout the 2008-2010 financial crisis, Canadian banks were touted by the federal government and the banks themselves as being much more stable than other countries’ big banks. Canadians we assured that our banks needed no bailout. However, in reality, Canada’s banks received billions in cash and loan support during the 2008-2010 financial crisis—and the Canadian government has remained resolutely secretive about the details. This report examines the nature and extent of government support to Canada’s big banks, estimated on the basis of partial information provided by Canada’s public institutions, and an analysis of the banks’ own financial reports.
Half of Australia’s big banks (The ‘Big Four’) got bail-outs too…from the Fed.
http://www.moneymorning.com.au/20101203/nab-and-westpacs-secret-bailout-revealed.html