Oct

10

Canada Has Best Banking System in The World

Filed Under Canadian Economy, Finances, News Articles 

So it appears that Canada has the best rated banking system in the world as a survey done by the World Economic Forum has found as financial crisis and bank failures shake world markets.

For years, other countries would mock Canada on being so tight, and conservative, but look at us now.

Canadian banks received 6.8 out of 7, just ahead of Sweden (6.7), Luxembourg (6.7), Australia (6.7) and Denmark (6.7).

UK banks collectively scored 6.0, narrowly behind the United States, Germany and Botswana, all with 6.1. France, in 19th place, scored 6.5 for soundness, while Switzerland’s banking system scored the same in 16th place, as did Singapore (13th).

The ranking index was released as central banks in Europe, the United States, China, Canada, Sweden and Switzerland slashed interest rates in a bid to end to panic selling on markets and restore trust in the shaken banking system.

The Netherlands (6.7), Belgium (6.6), New Zealand (6.6), Malta (6.6) rounded out the WEF’s banking top 10 with Ireland, whose government unilaterally pledged last week to guarantee personal and corporate deposits at its six major banks.

Also scoring well were Chile (6.5, 18th) and Spain, South Africa, Norway, Hong Kong and Finland all ending up in the top 20.

At the bottom of the list was Algeria in 134th place, with its banks scoring 3.9 to be just below Libya (4.0), Lesotho (4.1), the Kyrgyz Republic (4.1) and both Argentina and East Timor (4.2).

You can view the whole report here….

And to be honest, if Canada has the best banks in the world, and Alberta is number 1 in Canada in majority of areas, we are in a good spot right now.  We will be able to weather the economic storm that is over us.  We are not immune to it, but have a strong economy that will be able to push through..

I’m glad to be Canadian!

World Bank Rankings

  1. Canada
  2. Sweden
  3. Luxembourg
  4. Australia
  5. Denmark
  6. Netherlands
  7. Belgium
  8. New Zealand
  9. Ireland
  10. Malta
  11. Hong Kong
  12. Finland
  13. Singapore
  14. Norway
  15. South Africa
  16. Switzerland
  17. Namibia
  18. Chile
  19. France
  20. Spain

——————————————–

39. Germany
40. United States Of America

44. Britain
——————————————–

124. Kazakhstan
125. Cambodia
126. Burundi
127. Chad
128. Ethiopia
129. Argentina
130. East Timor
131. Kyrgyz Republic
132. Lesotho
133. Libya
134. Algeria

Comments

2 Responses to “Canada Has Best Banking System in The World”

  1. East-Timor » war east timor on October 15th, 2008 1:52 am

    [...] Canada Has Best Banking System in The WorldAt the bottom of the list was Algeria in 134th place, with its banks scoring 3.9 to be just below Libya (4.0), Lesotho (4.1), the Kyrgyz Republic (4.1) and both Argentina and East Timor (4.2). You can view the whole report here… … [...]

  2. Private Krankenversicherung on October 31st, 2008 10:04 am

    Excelent post and comments. I wish good luck from Private Krankenversicherung

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