Despite sustained stress evident in some US banks, no current data points towards a wider liquidity crisis, according to Peter Routledge, Canada’s Superintendent of Financial Institutions.

Speaking in front of the Economic Club of Canada on April 27, Routledge said the rapid evolution of the events surrounding the well-publicized collapses of Silicon Valley Bank and Signature Bank, along with the Swiss government-mandated takeover of Credit Suisse AG, has been a rallying point for regulators.

“The wake-up call is, ‘be prepared to act,’” Routledge said, as reported by The Globe and Mail. “Fortunately, we’ve got a baseline of capital liquidity regulation in place that does have ample financial buffers to deal with the risk.”