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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 pu
“…we have not had to put any taxpayers’ money into our financial system in Canada, nor do I anticipate that we’ll be obliged to do so.” —Jim Flaherty, Minister of Finance8 “Without wanting to appear arrogant or vain, which would be quite un-Canadian... while our system is not perfect, it has worked during this difficult time, I don’t want the government to be in the banking business in Canada.” —Jim Flaherty, Minister of Finance9 “It is true, we have the only banks in the western world that are not looking at bailouts or anything like that...and we haven’t got any TARP money.” —Stephen Harper, Prime Minister10