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OTTAWA — Finance Minister Chrystia Freeland is assuring that sa¹ú¼Ê´«Ã½'s financial institutions are secure after meeting with the head of sa¹ú¼Ê´«Ã½'s bank regulator and the Bank of sa¹ú¼Ê´«Ã½.

The meeting follows the closure of California-based Silicon Valley Bank by U.S. regulator on Friday, which also prompted sa¹ú¼Ê´«Ã½'s Office of the Superintendent of Financial Institutions (OSFI) to seize its Canadian assets on Sunday.

In a statement, spokesperson Adrienne Vaupshas says Freeland met on Monday with Superintendent of Financial Institutions Peter Routledge.

According to the statement, Freeland has also convened meetings with the heads of national and regional Canadian financial institutions, which were attended by Routledge and Bank of sa¹ú¼Ê´«Ã½ representatives.

Vaupshas says "significant structural and regulatory safeguards" are in place and that Canadian financial institutions "are stable and resilient."

Routledge has emphasized the limited nature of the crisis in sa¹ú¼Ê´«Ã½ and that Silicon Valley Bank doesn't hold commercial or individual deposits in sa¹ú¼Ê´«Ã½.

This report by The Canadian Press was first published March 14, 2023.

The Canadian Press