Bank of Canada says nation's financial system sound

Mon Sep 15, 2008 12:05pm EDT
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OTTAWA (Reuters) - The Bank of Canada sought to assure markets on Monday that domestic banks are on solid footing and well-placed to survive the global financial turmoil originating in the United States.

"The financial system in Canada remains sound," central bank spokesman Jeremy Harrison said.

"Although credit conditions in Canada remain challenging, they are better in many respects than those in major markets," he said, repeating a phrase used in a speech last month by Deputy Governor David Longworth.

(Reporting by Louise Egan; Editing by Peter Galloway)