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    • Financial regulator raises stability buffer amid higher debt levels, systemic risks

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    Canada's financial regulator is raising the amount of capital major banks need to have on hand over concerns of high household debt levels and other elevated systemic vulnerabilities.

    The Office of the Superintendent of Financial Institutions said Thursday the domestic stability buffer will go up by half a percentage point to three per cent as of Feb. 1, 2023. It also increased the possible range of future adjustments to between zero and four per cent, rather than the previous top end of 2.5 per cent.

    The adjustment comes as debt levels and delinquencies remain fairly stable while debt service costs are on the rise, OSFI chief risk officer Angie Radiskovic told reporters.

    "Clearly, we're in a risk environment now where levels of indebtedness have grown. We've got high inflation, we've got rising interest rates and a lot of our thinking is holding around those types of risks," Radiskovic said.

    By raising the amount of money banks need to set aside, it gives the regulator more room to lower the capital requirements when a downturn hits to give banks access to potentially needed extra funds.

    Radiskovic said the adjustments come as the economic risk profile has changed considerably this year, enough to prompt the regulator to release an unplanned update to its outlook in October.

    "Things have moved so significantly, the vulnerabilities have grown and the risk landscape is changing so quickly, that we issued or updated the annual risk outlook."

    Radiskovic said the buffer increases will boost the stability of major banks and public confidence in the financial system.

    The stability buffer, which applies to domestic systemically important banks, was launched in 2018 and is set twice a year, but can be changed at other times if needed.

    The latest increase will put the bank total common equity tier one ratio needed at 11 per cent when it comes into force in February.

    The increase, which gives banks less than the usual four months to increase their buffers, comes as several Canadian banks are working though major acquisitions that will pull down their ratios, but the regulator said it considered the ability of banks to meet the requirement when setting it.

    Bank of Montreal said on its latest earnings call that it expected its ratio could fall below 11 per cent if its US$13.4-billion takeover of Bank of the West closes in the first quarter, but expects it to rise above that level by the second quarter, which for the banks begins at the start of February.

    This report by The Canadian Press was first published Dec. 8, 2022.

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    The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

    Canada

    • Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

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    • The head of a committee monitoring the government's response to the inquiry into the 2020 Nova Scotia mass killing says she's pleased with progress made so far.

    • The University of Ottawa's special advisor on antisemitism says he has resigned following posts he made on social media celebrating the pager explosions in Lebanon this week.

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    Entertainment

    • Lawyers representing the producers of 'Russians at War' say they may pursue legal action against Ontario's public broadcaster for pulling support for the controversial documentary amid outcry from the Ukrainian community and some Canadian politicians.

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    Business

    Lifestyle

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    Sports

    • Vancouver Canucks goalie Thatcher Demko says he's been working his way back from a rare lower-body muscle injury since being sidelined in last season's playoffs.

    • Toronto Blue Jays shortstop Bo Bichette returned to the 10-day injured list Thursday due to a right middle finger fracture.

    Autos

    • An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    • Video of a brazen daylight auto theft which shows a suspect running over a victim in a stolen luxury SUV has been released by police west of Toronto.

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    Local Spotlight

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    The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

    The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

    It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

    A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.

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    • B.C.'s police watchdog is investigating the death of a woman who was shot by the RCMP after allegedly barricading herself in a room with a toddler early Thursday morning.

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    • The 'Namgis First Nation says a fish farm it owns near Port McNeill shows the potential of land-based aquaculture in B.C.

    • For the last seven-and-half months, Toronto resident Heather McArthur has been living out what she describes as her 'worst nightmare.' On Feb. 7, her then three-year-old son Jacob along with his father Loc Phu 'Jay' Le departed for what was supposed to be a week-long visit to Vietnam to celebrate the Lunar New Year with family, McArthur says.

    • An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    • In the middle of the small crowd — near the tents, the lineup of kids awaiting face painting, the snack table — stood a jubilant Chiara Padovani. 'When I say 'tenant, you say 'power,'' she commanded to several dozen tenants, who chanted back with gusto. What looked like a summer block party in front of two north-end Toronto apartment buildings last month was a celebration of what renters who withheld payments for months called a 'huge victory.'

    • Defence counsel for accused murderer John-Christopher Arrizza argues he was in an “altered state of mind†due to days of drug and alcohol use, sleep deprivation and not eating, when he fatally stabbed a man at a Banff nightclub in 2022.

    • The Parole Board of Canada says a man who assaulted a young pregnant woman and left her for dead remains too dangerous to be released into the community.

    • Five bison are dead at Elk Island National Park east of Edmonton following an early Thursday morning collision.

    • BREAKING NEWS

      BREAKING NEWS

      A man has been taken to hospital in life-threatening condition following a stabbing incident that happened on Baseline Road in the early hours of Friday morning, according to the Ottawa Paramedic Service.

    • Police say a man who was taken to hospital in critical condition after being shot Thursday night has died.

    • Higher than average temperatures are in the forecast for Ottawa this Friday.

    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

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    • Premier François Legault's approval rating continued to rise this summer, according to the Angus Reid Institute. After reaching a low at the end of 2023, his support rose by three percentage points over the summer to 39 per cent.

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    • Gas prices increased in all three Maritime provinces for the first time in more than a month.

    • A Nova Scotia woman has applied for a medically assisted death, saying after years of battling to receive out-of-country surgery for an illness that causes "indescribable" pain, she struggles to maintain the will to live.

    • A section of Herring Cove Road in the Spryfield area of Halifax is closed to traffic in both directions following a single-vehicle collision Friday morning.

    • Manitobans are continuing to mop up after a deluge of rain hit southern Manitoba earlier in the week.

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    • As northern Ontario gets ready to welcome autumn this weekend, it’s still feeling a lot like summer as provincial forest fire crews continue to battle blazes.

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    • James Bay Ontario Provincial Police have charged four commercial vehicle drivers with impaired, including one who was hauling 36,000 kilograms of ammonia hydrate.

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    • Police were focusing their attention on the northeast corner of Richmond and Horton, with members of the emergency response unit taking up positions at the scene.

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    • Two men from Barrie have been charged after a deadly shooting at a park in Keswick on Wednesday.

    • A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

    • Ontario Provincial Police executed a search warrant in Walkerton.

    • On Thursday, just after 9:30 a.m., a man was found and taken to police headquarters, where he was released with conditions and a future court date.

    • Standing up, speaking out, and showing solidarity — survivors and supporters gathered in the core to take back the night in Windsor. The city is just one of a growing list of communities that have declared intimate partner violence (IPV) an epidemic.

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    • In a rare move, the Greater Victoria School District Board of Education has been slapped with a ministerial order from the province requiring it to update a student safety plan – drawing concern around political posturing leading up to an election.

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    • A Vulcan, Alta., man has been charged with a Lethbridge woman's murder after her body was found in the Oyen area.

    • A Lethbridge couple got a good reminder as to why you should keep your vehicle doors locked at all times.

    • Lethbridge residents who live near the police range can expect to hear plenty of shots fired Wednesday and Thursday.

    • A new community health profile in the Algoma District shows the area is significantly below provincial averages in a number of health metrics.

    • North Bay Police Service says one person has died following an industrial accident at the Ontario Northland Transportation Commission Rail Yard on Tuesday.

    • Three northern Ontario residents are charged with drug trafficking after the vehicle they were in got stuck along a bush road off Highway 17 on Monday.

    N.L.

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