Deposit insurance is no substitute for effective regulation and supervision of banks. Through a risk-based supervision framework, the BoU is committed to spotting problems well before insolvency occurs and compelling banks to take prompt and preemptive corrective action.
Although some areas, including Upstate New York, have lagged, we have experienced mostly good growth across the country and across sectors of the economy. Unemployment has been very low - lower than most economists thought it could remain for long without igniting inflation. Wages have been increasing, but not so fast that the rise caused rapid escalation of costs.