Statement from the Deputy Prime Minister and Minister of Finance regarding Silicon Valley Bank

March 12, 2023

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, issued the following statement:

“The Canadian government has been closely monitoring the situation with Silicon Valley Bank and I have been receiving regular updates.

“This evening I spoke with financial sector leaders and the Bank of Canada.

“We are in close contact with OSFI, which took action earlier this evening. Canada’s well-regulated banking system is sound and resilient.”