In an era where global security and economic stability face mounting threats, the need for robust financing mechanisms has become paramount. A group of prominent Canadian voices is making a compelling case for establishing a new multilateral financial institution in the heart of the country's economic engine.
Toronto: The Logical Headquarters for a Global Initiative
Stephen Lund, Giles Gershon, and Daniel Tisch, writing in a December 2025 opinion piece, champion Toronto as the unequivocal home for the proposed Defence, Security and Resilience Bank (DSRB). They contend that inter-city competition within Canada is counterproductive, and the nation's financial capital presents the strongest bid for this critical institution.
The DSRB is envisioned as a lender with AAA credibility, designed to mobilize sovereign and private capital at speed. Its mission is to fund defence production, enhance cyber resilience, and protect critical infrastructure across allied democracies. The authors stress that the bank's success depends on it being a capital-markets-facing entity that can unlock private investment and accelerate industrial capacity.
Why Toronto's Financial Ecosystem is Unmatched
The argument for Toronto rests on its unparalleled concentration of financial resources and expertise. The city is North America's second-largest financial-services hub by employment and serves as Canada's undisputed financial command centre. This ecosystem includes:
- The headquarters of Canada's Big Five banks.
- Major pension funds, asset managers, and investment funds.
- The Toronto Stock Exchange.
- A dense network of legal, regulatory, underwriting, and risk management specialists.
Whether issuing bonds, structuring guarantees, or syndicating loans, the DSRB would require daily proximity to these investors and experts. Toronto's existing infrastructure offers the scale and connectivity to support a global institution from its first day of operation.
A Bid for Global Leadership, Not Domestic Debate
The authors frame Canada's pursuit of the DSRB as a global competition, not a domestic one. Launching such a bank demands a platform that inspires immediate market confidence and can scale seamlessly. Canada's stable, rules-based environment provides the necessary predictability for a credible large-scale lender.
The stakes are exceptionally high. Allied nations are under pressure to modernize defence and security capabilities rapidly, harden critical infrastructure, counter cyber threats, and rebuild thin supply chains. From drone technology to undersea cables, financing must flow quickly to innovative companies worldwide. The challenge is not a lack of ambition or expertise, but ensuring capital can move with the confidence of international markets.
By anchoring the Defence, Security and Resilience Bank in Toronto, Canada can position itself at the forefront of securing the future for allied democracies, leveraging its strongest financial assets for global stability.
