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Puzzling that Underpaid Canadian Govt Can Manage it So Well. Ass Loon, Cum in to Sth!

makapaaa

Alfrescian (Inf)
Asset
<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published February 26, 2009
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Canadian banking shows how it should be done

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(TORONTO) David Denison, who oversees investments for Canada's pensions, says his country's banks are the best in the world right now and US President Barack Obama, like so many money managers from Beijing to Paris, can't disagree.

Before Mr Obama made Ottawa his first visit to a foreign capital earlier this month, he couldn't resist telling the Canadian Broadcasting Corp: 'In the midst of the enormous economic crisis, I think Canada has shown itself to be a pretty good manager of the financial system and the economy in ways that we haven't always been.'
The comment was something of an understatement, as no country among the so-called industrialised nations is showing as much confidence in its bankers as Canada. Not one government penny has been given to any of the 21 banks from British Columbia to Quebec since credit worldwide seized up in August 2007.
Since then, American taxpayers have provided US$300 billion to bail out more than 450 companies, led by Citigroup Inc and Bank of America Corp, two of the three largest banks measured by assets.
Mr Obama isn't the only important person 'looking at Canada' in a belated attempt to figure out how to fix a broken financial model, Mr Denison said.
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</TD></TR></TBODY></TABLE>'Solid funding and conservative consumer lending criteria are key features' of Canadian banks, said John Haynes, senior US equity strategist at Rensburg Sheppards Plc in London, which oversees the equivalent of US$17 billion. 'This has meant that they have had their hands caught in the cookie jar to a much more limited extent than their American and European counterparts.'
Money managers from Brazil, China, France, Ireland and Australia scheduled visits to Mr Denison's Toronto office in the past two weeks to learn how Canada and its banks and pension funds are weathering the financial crisis. The visitors include the AustralianSuper Fund and the French National Reserve Fund, which together have assets of US$53 billion, he said.
'They have assembled a high-quality team,' said Ian Silk, CEO of AustralianSuper, who visited Mr Denison last May along with three other executives from the Melbourne-based fund and remains in contact with the Canadian money manager.
Canada's higher capital requirements and loan limits that European banks exceeded by 50 per cent helped Canadian lenders avoid most of the writedowns and losses crippling competitors worldwide, even as the nation's economy slipped into a recession and the jobless rate jumped to a four-year high.
Just two Canadian regional banks have failed since 1923. The only government support has been a pledge to buy as much as C$125 billion (S$153 billion) in mortgages, allowing the banks to increase lending to companies and consumers.
'The Canadian banking system is a very good story,' said Mr Denison, CEO of the Canada Pension Plan Investment Board, which manages C$108.9 billion for retired Canadians. 'People are looking at Canada' to determine how to fix their broken financial models, he said.
Canadian banks are more constrained than their international peers in the amount of loans they can extend. The nation's lenders are required to set aside a minimum 7 per cent of risk-weighted assets as regulatory capital, compared with 6 per cent for US commercial banks. -- Bloomberg

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