The recapitalisation of the four core banks was completed in June 2013, while the consolidation of the banking sector has continued through the resolution of non-viable banks and the absorption of Greek subsidiaries of foreign banks. Deposit inflows have continued, in part offsetting the deposits lost between the end of 2009 and the middle of 2012.
Through conversations that we at the Bank have had with business leaders, through the responses to questions in our Business Outlook Surveys, and through data showing an average annual increase of 8 per cent in the volume of business investment since 2002, there is clear evidence that the Canadian economy is becoming increasingly oriented to high-end services.