11:54:33 EST Thu 05 Dec 2019
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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,225,984,487
Close 2019-04-11 C$ 71.26
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FP/wire say TD, rivals hear Morneau pan shorting banks

2019-04-12 06:49 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Financial Post reports in its Friday, April 12, edition that Finance Minister Bill Morneau does not see reasons to bet against Canada's big banks. A Reuter dispatch to the Post reports that Mr. Morneau says the banks are capitalized well and not overexposed to credit risk. The broader economy is doing well and the government continues to work on what he called a core risk of household indebtedness. All that adds up to a good view of the lenders. "The underlying thesis, I don't buy into," Mr. Morneau said, adding he continues to be "optimistic about our banking sector." Some short-sellers have been targeting Canada's banks, which soldiered on through the financial crisis a decade ago and are up about 9 per cent so far this year. Policy-makers have taken a series of steps to cool the housing market to try and avert any bubble, targeting Vancouver and Toronto in particular. Mr. Morneau cited that as a pillar of the outlook for the banking sector. "We see that loan losses, credit risk, is being managed very effectively. We have a sense that the core risk that we've wanted to deal with, which is high household debt -- that we're dealing with through the housing system in a way that's managing that situation."

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