The Globe and Mail reports in its Wednesday edition that Canada's banking watchdog Jeremy Rudin made his first major speech on Tuesday since
becoming the
Superintendent of Financial Institutions earlier this year.
The Globe's Tim Kiladze writes that Mr. Rudin addressed
a Bay Street audience on Tuesday, acknowledging that
he has no plans to rock the boat --
at least not yet.
He said, "As I am only three months into
the job and have 81 months left to
go, I have not tried to make these
remarks comprehensive."
Mr. Rudin added later that the
next time he speaks, his comments
will likely concern
the insurance industry.
Mr. Rudin did not show any
major breaks from his predecessor,
Julie Dickson. He
said the biggest difference between
himself and Ms. Dickson
"will be the circumstances during
which we are superintendents,"
suggesting the operating environment
is the only thing that will
change.
The Office of the Superintendent of Financial Institutions will continue to target too
much risk-taking as one of the
biggest threats to the financial
system. The OSFI expects
banks to lead the charge.
Mr. Rudin
stressed the OSFI is not
an enemy of banks, which is what Bay Street
wants to hear.
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