Mark Carney: Addressing financial market turbulence Remarks by Mr Mark Carney, Governor of the Bank of Canada, to the Toronto Board of Trade, Toronto, 13 March 2008. *  *  *  Since last summer, many of us here today have been preoccupied with the ongoing dislocations in financial markets.
What began in securities linked to U.S. subprime mortgages has spread to a broad range of structured assets, conventional credit markets, and, to a lesser extent, equities. As a consequence, some of the world's largest financial institutions have recorded substantial losses, the cost of borrowing has increased, and the availability of credit has decreased.