09:47:16 EST Wed 29 Nov 2023
Enter Symbol
or Name

Royal Bank of Canada
Symbol RY
Shares Issued 1,402,329,460
Close 2023-09-27 C$ 117.30
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FP says RBC, rivals hear economy has been resilient

2023-09-28 09:18 ET - In the News

Also In the News (C-BMO) Bank of Montreal
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)
Also In the News (C-NA) National Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank

The Financial Post reports in its Thursday edition that Superintendent of Financial Institutions head Peter Routledge says the economy has been more resilient in the face of higher interest rates and debt service costs than he would have guessed a year ago. The Post's Ian Vandaelle writes that Mr. Routledge remains mindful the situation could sour. In a speech, he said certain measures the OSFI has taken in the wake of the pandemic have him confident Canada's financial system can weather the storm should a recession hit the shores. He said: "We're not in the business of predicting recessions, but we want to make sure our system is ready to absorb and be resilient for a recession. ... We are very, very attuned to the possibility of hard times, but the economy is doing better than we expected given the spike in interest rates and the spike in debt service costs." OSFI has taken several steps to bolster financial market stability in recent years, most recently raising the Domestic Stability Buffer by 50 basis points in June. The DSB functions as a sort of rainy day fund to require Canada's systemically important banks to hold more capital on hand to cover potential losses due to economic hardship.

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