Stephen S Poloz: Opening statement before the House of Commons Standing Committee on Finance Opening statement by Mr Stephen S Poloz, Governor of the Bank of Canada, before the House of Commons Standing Committee on Finance, Ottawa, Ontario, 6 June 2013.
Banks can fail, and they will fail. That became clear earlier this year when the new system passed its first test. What is still missing, though, is the third pillar of the banking union: a joint deposit insurance scheme. But the first two pillars alone ensure that the most critical aspects are covered.