Until it is, there is the risk that far too many debtors will bypass what should be in most cases a more efficient way of working out their problems and proceed directly to the new insolvency procedures being set up according to the draft legislation that has been published.
This “one-size fits all” approach overlooks the existing degree of integration between our two economies, Canada’s impressive record for financial stability and the fact that Canadian banks have long been active and well trusted in the United States. 14 That, in brief, is where we stand at the moment on cross-border bank-resolution issues.