QUESTION PERIOD — National Defence
Defence, Security & Resilience Bank
March 12, 2026
Senator Moreau, the proposed defence, security and resilience bank, or DSRB, would be a new, multilateral financial institution designed to mobilize capital and provide affordable financing for defence, security and resilience projects among NATO members and allied nations. Recent initiatives led by partners such as Montréal International highlight Montreal’s interest in hosting the future headquarters and note that the city already hosts nearly 70 international organizations and has a strong ecosystem with respect to finance, aerospace, artificial intelligence and defence.
Could the government inform the Senate about Canada’s level of commitment to establishing the DSRB? What steps is Canada taking to advance the project, what timeline does the government foresee for the bank’s establishment and what financial implications or contributions are anticipated for the Government of Canada?
Thank you for the question. The government is firmly committed to its establishment, and the project has received the support of the big six Canadian banks and other major financial players on the international stage.
I can confirm with you that the Prime Minister has been speaking to our international partners about it. That is a reason why the Prime Minister is travelling throughout the world — to ensure that we have strong economic alliances with other partners.
The government has emphasized the need to mobilize capital and strengthen defence supply chains in support of our collective security, which includes the Arctic, and such discussions include the founding of the bank.
Thank you for that answer. Given Montreal’s strong bid to host the headquarters, could the government clarify whether it is actively supporting Montreal’s candidacy and engaging international partners to secure the outcome? I know that the Government of Ontario, for example, has publicly pitched Toronto as a possible location for the headquarters.
Furthermore, what diplomatic or financial discussions are under way with allied countries to ensure that the bank is established quickly and with meaningful Canadian participation?
From your question, I understand that no one is pushing Ottawa to host the bank. Well, there is a willingness among provinces to have the bank.
You know that while I cannot comment on international negotiations, I can confirm that those discussions are ongoing. The government is aware of the Quebec government’s position, as well as the Ontario government’s, regarding their bid. Once the government has more to share on this, I will be sure to share it with the Senate.
