Flaherty Says Banks Are Responsible for Reining in Lending
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Canadian Finance Minister Jim Flaherty says it’s up to commercial banks -- not government -- to rein in lending as household debt soars, countering comments by Toronto-Dominion Bank Chief Executive Officer Edmund Clark.
“The primary responsibility for prudence in lending practices rests with the financial institutions,” Flaherty said in a Dec. 21 interview in Ottawa. “People also need to take responsibility for what they do and exercise common sense in terms of taking on debt.”