Which includes the reports on the Bank s consolidated financial statements and internal control over financial reporting. Ernst & Young LLP is an independent registered public accounting firm as.
Which includes the reports on the Bank s consolidated financial statements and internal control over financial reporting. Ernst & Young LLP is an independent registered public accounting firm as. | April 28, 2023
By Bill Thornhill
12.00 PM
The Covid-19 pandemic caused severe disruption to financial markets in 2020-2021. During this difficult time, the Bank of Canada and the Office of the Superintendent of Financial Institutions took a number of actions to build resilience and improve the stability of the Canadian financial system. Federally regulated financial institutions were, among other things, permitted the privilege to pledge covered bonds with the central bank, which provided access to long-term repos and benefited from preferential regulatory treatment of loans subject to payment deferrals.
Recent first quarter results have shown that the Canadian banks have so far managed the crisis admirably. However, the pandemic has left some key questions regarding their balance sheets.