Canadian bank CEOs say they're able to adapt to the higher credit requirements the banking regulator has set in response to rising economic vulnerabilities.
In December, the Office of the Superintendent of Financial Institutions raised the capital requirements banks have to keep on hand by half a percentage point. It also increased the range for further increases as a potential safeguard as higher interest rates put more stress on borrowers. McKay said that while the housing market is going though somewhat of a correction, he doesn't expect that an increase in mortgage defaults would be a significant stress for the bank's capital, as only a low-single-digit percentage of its overall borrowers have both a potential payment crunch and low collateral in their home.
Source: Financial Digest (financialdigest.net)
So they'll just print more fiat to make sure they have 2/3 of their mortgages covered incase of defaults which would skyrocket inflation even more.
Translation: Our Golden Bonuses are secured.
I wonder when these CEOs are going to start jumping off roofs of buildings like they did during the Great depression
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