Madam Speaker, if we look at the experience of the financial crisis, where regulatory structures were insufficient to deal with the complexity of products that were being sold in the market, and where legislation dealing with subprime mortgages allowed for no verification of income and jobs when lending by certain institutions globally, we ended up with very bad and tragic results. We entered into a financial crisis not seen since the Great Depression. However, that was not the case in Canada. We had a robust regulatory system for our banks and financial institutions, and lending practices that were prudent. Therefore, our banks came out of the financial crisis unscathed. We cannot say that for many of the global banks both in the United States and Europe.
In the House of Commons on October 31st, 2016. See this statement in context.