Canadian deputy sees scope for deeper integration with US
Lawrence Schembri suggests bilateral agreement between the neighbouring countries
Bank of Canada deputy governor Lawrence Schembri called for closer integration with the United States on June 25 - suggesting a bilateral agreement on the resolution of banks with cross-border operations.
Addressing the Essex Regional Chamber of Commerce in Ontario, Schembri noted the largest Canadian banks have "sizable" operations in the US, and will face new legal and administrative costs as a result of the provisions in the Dodd-Frank Act regarding subsidiaries and branches of international
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