High household debt and the fastest interest rate hiking cycle in recent memory is the biggest risk to Canada\u0027s economy, says OSFI. Read on
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Routledge, who took the helm at the Office of the Superintendent of Financial Institutions in June 2021, says that while higher borrowing costs are putting a strain on the already stretched pocketbooks of Canadians, the silver lining is that regulators have had the tools needed to handle the financial turbulence.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
If Canadians needed assurance that OSFI was taking the debt dilemma seriously, they could find it in the regulator’s latest policy moves before closing the book on 2022. On Dec. 8, the regulatorfinancial institutions must hold to three per cent. OSFI also boosted the capital buffer’s range, a tool that gives it greater leeway to protect the banking system, to between zero to four per cent starting in February, up from the zero to 2.5 per cent range.
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