Canadian Banks Don’t Need Government Debt Plan, RBC's Nixon Says

Bloomberg, Doug Alexander and David Scanlan, 1 April 2009Canada’s biggest banks probably won’t need to tap a C$218 billion ($173 billion) debt backstop program set up by the federal government because their finances are sound, Royal Bank of Canada’s top executive said.“I think it would be very unlikely that you’d see utilization of that program,” Gordon Nixon, 52, said in an interview in New York