Scotiabank Apologizes For Freezing Bank Accounts During The Emergencies Act

The first quote is the very important apology, now it is not a direct apology for the actions they took, freezing the bank accounts of a Canadian citizen with no criminal record or court order to do so, but it does show that Scotiabank has seen some of the evidence and reasoning (or lack thereof) that the government used to invoke the Emergencies Act and has started to prepare ground for a retreat from their position.

The banks require the confidence of the consumer to survive, and they faced major backlash in the wake of the freezing of assets. TD bank lost nearly 8 billion dollars in market value during the time of the Emergencies act and it’s likely the other 5 major banks did as well. If the Canadian banks can take your money away at any time with no solid justification, then the prospect of keeping your money in them is not that appealing. It is likely that those with the power to move their money to more stable countries did so after the EA was revoked leading to a massive flow of capital out of the country.

This brings up the second important point brought up in the email, Scotiabank seems to be blaming the government for the asset seizures. This is not really surprising, even though the government claimed that it had nothing to do with the accounts being frozen, the banks claim here that this was all directed by the RCMP.  The banks seem to have the more believable story here as it’s unlikely that they would all start targeting the opponents of the government simultaneously, plus the government has been caught lying frequently about this issue.

While it is true that a lot of accounts were unfrozen after the Emergencies Act ended, some people are still having problems. Independent citizen journalist Andy Lee had her assets frozen and is still having trouble to this day, so this story is not over yet.

The Liberal’s narrative on the Emergencies Act continues to crumble as almost everything they have said has been proven to be false. The protest had been ruled legal by a judge in February, the CBC articles they relied on to create the myth of foreign funding were retracted, FINTRAC itself said there was no terrorism or money laundering and now the banks have come out and said this all did come from the RCMP. Now the only people left who do not accept the facts about the Freedom Convoy are Canada’s establishment politicians. It’s only a matter of time before someone in the LPC or NDP breaks ranks and tells the truth, until then apologies from the institutions will have to do.