Minister: Canada's financial sector healthy

OTTAWA, Sept. 21 (Xinhua) -- Canadian Finance Minister Jim Flaherty said Sunday that Canada's financial sector remains healthy and will not have problems as those in the United States.

The banking crisis in the United States is a concern for the global economy, but Canada has taken steps to make sure its financial sector will not end up in a similarly precarious situation, the minister said during an interview with Canadian Television.

"We have a solid banking system in Canada. Our banks are well capitalized. Our households are well capitalized ... and our fiscal fundamentals are solid," he said.

But Canada may need to broaden regulations with respect to some of the investment banks that do not have the capitalization requirements that the Canadian chartered banks have, he said.

A national securities commission is also necessary to help further stabilize the Canadian economy, he said.

The U.S. bailout will not set a precedent here in Canada for struggling sectors, like the manufacturing industry looking for government help, the minister said.

"Our situation is much better than the Americans," he said.