Canadian banks’ exposure to oil-and-gas loans has surged to a record as energy firms tapped credit lines to combat plunging oil prices.
“We’re clearly seeing the impact of price wars and supply-demand considerations, storage considerations beginning to play havoc on some producers,” Toronto-Dominion Chief Financial Officer Riaz Ahmed said in a May 28 interview. “In the last few weeks we’re watching prices recover with some degree of hope that things will continue to get better here.”
“The growth was driven by higher draws on existing facilities and we did make select new lending facilities to existing investment-grade clients where the risk-return was appropriate given the low oil prices,” Bolger said in a May 27 interview. “Only about half of it is in the exploration and production space and our clients do have some hedging as well that protects them in the short term,” Panossian said in a May 28 interview. “We remain comfortable with the space. Our clients are strong and managing through this and we’re committed to continuing to support them.”
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