Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
While the recent collapse of Silicon Valley Bank (SVB) and the issues surrounding Credit Suisse have shaken investor confidence, a repeat of the 2008 financial crisis appears to be unlikely, one analyst says.
"I doubt that there will be another financial crisis. I wouldn't really see where this is coming from," Andreas Park, a finance professor at the Rotman School of Management at the University of Toronto, told CTV's Your Morning on Tuesday.
The failure of SVB earlier this month is the largest in the U.S. since Washington Mutual during the height of the financial crisis.
The failure of New York-based Signature Bank followed soon after.
SVB customers began withdrawing their deposits, a situation known as a bank run, forcing SVB to sell its assets at a loss due to higher interest rates.
"So the bottom line is no bank has all the cash available to satisfy all deposits," Park said.
While the risk of a bank collapse in Canada is not zero, experts argue that the Canadian banking sector is more tightly regulated.
"In the 2008 financial crisis, there were a lot of bad loans hidden on the books, they were on the balance sheets, put into specific special purpose investment vehicles that were hidden. We don't have the same situation now," Park said.
Meanwhile, some of the largest central banks in the world, including Canada, have tried to reassure markets in the wake of the collapse of SVB and Signature Bank, with UBS Group recently purchasing rival Credit Suisse.
However, Park says the situation involving Credit Suisse is unrelated to the SVB bank run.
"So I think people just should keep their money in the bank where it is and, at least in Canada, that's my view here," he said.
Watch the full interview with Andreas Park at the top of the article. With files from CTVNews.ca Writer Tom Yun, The Associated Press and Reuters.
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
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