Frequent updates are a precautionary tool last used in the early months of the COVID-19 pandemic
Canada’s banking regulator is increasing its monitoring of domestic banks’ financial health as the fallout from Silicon Valley Bank’s failure ripples through markets, even after U.S. leaders introduced rare measures designed to avoid repeating the run on deposits that toppled the tech-lending leader.took control of SVB’s Canadian operations
Mr. Biden and other U.S. officials also took pains to stress that a set of supports they unveiled Sunday night, including a major funding program that will provide banks with liquidity by acquiring their balance sheet assets at full value, are not full-blown bailouts. Shareholders of Silicon Valley Bank and New York-based Signature Bank, which also folded, will not get their money back – but depositors will.
As the brutal blow sent U.S. policy-makers scrambling to safeguard the country’s economy from further consequences, the immediate threat is less pronounced in Canada, where the largest lenders are highly diversified and deposits have grown in recent quarters, bucking the trend south of the border. The Canadian regulator’s announcement was just the first move in a longer process that could result in the bank’s Canadian assets being put up for sale in the coming days. The regulator said Sunday that it plans to apply for a court order this week to wind up SVB’s Canadian operations.
Within a week of Germany’s regulator shuttering the foreign bank, OSFI moved to liquidate its Canadian operations. Months later, Toronto-based Equitable Group struck a deal with the Canada Mortgage and Housing Corp. to buy $3.1-billion of mortgage-backed security pools issued by Maple’s domestic arm.
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