Sept. 9 (Bloomberg) -- Toronto-Dominion Bank Chief Executive Officer Edmund Clark said he's concerned the crisis that led the world's financial institutions to record more than $500 billion in credit losses and writedowns isn't over yet.

``I'm nervous that we haven't made it all the way through the financial services crisis,'' said Clark, speaking today at an investor conference in Toronto sponsored by Scotia Capital. ``I don't know the depth of the slowdown that we're still facing.''

Toronto-Dominion is the only Canadian bank to avoid debt writedowns tied to the U.S. subprime mortgage market. Clark, 60, said he thinks problems may linger.

``I'm nervous because a large number of banks around the world grew their asset side dramatically more than they grew their deposit side,'' Clark said.

Investors shouldn't be too comforted that U.S. housing prices aren't falling as quickly as before, he added.

``Until they stop falling we do not know the depth to which they will pull down the U.S. economy,'' Clark said.

The U.S. government rescue of Fannie Mae and Freddie Mac is ``a huge positive,'' Clark said. He added that it's too soon to say the worst is over, and central bankers shouldn't ``claim victory.'' He urged investors to ``stay nervous.''

``Until we actually get through and see this market stabilize it's a brave person that says I can call the bottom,'' Clark said.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net; Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

Last Updated: September 9, 2008 11:36 EDT