One thing we saw coming out of the global financial crisis was that the Canadian banking system is very resilient. We asked ourselves what the reasons are for that.
We think that in Canada we have a combination of things. We have good policy, generally, with respect to banking. That's come in place over a number of years. We have good, prudent management and practices. We have institutions that are well capitalized. We have a pretty good regulatory regime, and the advantage here is that we have a single bank regulator, and that's important. We have strong supervision. I think with all of that combined we saw the strength of the Canadian banking system.
Now going forward, because there's this concern that we don't want this to happen again, we see this huge regulatory onslaught. We have a number of new initiatives put in place since 2008–09. In magnitude, they are strong and they are coming in at a rapid pace. I think it's important to look at all of that and try to make sure that new regulatory initiatives actually achieve what they are meant to and they don't have negative and unintended consequences.
My colleague, Mr. Fitzpatrick, talked about compliance and the burden of compliance on small institutions. The Government of Canada wants to enhance competition in financial services. It wants to attract new entry, and often the entry of small institutions. We have to ask ourselves whether all these new regulatory initiatives are making it more difficult for new entrants to come into the market.
So we have to balance off that safety and soundness, which we should never ignore, as it's a really important part, but make sure we have a competitive financial system.