September 19, 2008 / 2:45 PM / in 9 years

Harper says not eyeing bank bailout plan

OTTAWA (Reuters) - The Canadian government is not considering a bailout plan for the country’s banks, which are in good shape despite the financial crisis in the United States, Prime Minister Stephen Harper said on Friday.

<p>Canada's Prime Minister Stephen Harper delivers his speech during a campaign rally at St. Volodymyr Cultural Centre in Oakville, September 16, 2008. Canadians will head to the polls in a federal election October 14. REUTERS/ Mike Cassese</p>

“There is no bailout package being considered for Canadian banks or financial institutions,” he told a televised news conference in Farnham, Quebec.

“All our information would indicate that -- obviously, while certain banks have had some significant writedowns -- the overall balance sheets of the Canadian financial sector remain very healthy,” he said.

“The best information I have ... is that the troubles in the financial sector of the United States should not spill over into Canada, but we’re obviously watching it closely.”

He repeated that the Canadian financial system remained “in very good shape,” particularly when compared with some other countries.

Reporting by David Ljunggren; Editing by Peter Galloway

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