HIGHLIGHTS-Bank of Canada's Carney speaks in Toronto

Tue Dec 11, 2012 3:09pm EST
 
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Dec 11 (Reuters) - Below are key quotes from an appearance by Bank of Canada Governor Mark Carney in Toronto:

ON CLOSING THE OUTPUT GAP:

"Just the simple math of it is that the third quarter was slightly slower (than forecast)... (The output gap) would be slightly larger, but this on margin. That said, the momentum is somewhat softer as we signaled in our December rate decision, and recent data is consistent with a bit more softness that is there."

"Some of the softness in Q3 related to some temporary factors that were pretty material in terms of ... some oil platforms and other production that's coming back on in Q4 or Q1."

ON FINANCIAL INSTITUTION MISCONDUCT:

"The wheels of justice move slowly and ... the events that are behind this settlement (between HSBC and U.S. authorities over money-laundering) happened a while ago and that measures certainly have been taken in my understanding within that institution to significantly tighten control for this and other aspects. Similarly, the Libor issues and the conduct around the setting of reference rates, there has been progress in my understanding. We don't enforce this as the Bank of Canada. It's really a market conduct issue for market conduct regulators."

  Continued...