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The Office of the Superintendent of Financial Institutions (OSFI) has maintained the domestic stability buffer for Canada’s six largest banks at 3.5 per cent.
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The buffer was created as a “rainy day” cushion to absorb unanticipated financial shocks.
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“Conditions are .. better than our planning assumptions earlier in the year,” Peter Routledge, superintendent of OSFI, said Thursday.
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He said concern a trade war with the United States would lead to economic upheaval “has not manifested itself in financial system stress.”
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The big banks entered the period of potential disruption in a “position of strength,” Routledge said, with capital fortified in recent years and a total CET1 capital level of 13.6, on average.
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Moreover, other concerns that could lead to financial system vulnerabilities, such as household debt, have come down, while still remaining at a historically high level.
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