A recent announcement by the Office of the Superintendent of Financial Institutions revealed that the Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank will be monitored to ensure they don't fail in the future. According to the Canadian Broadcasting Company, the banks account for more than 90 percent of Canada's assets.
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According to The Province, Julie Dickson, the head of OSFI, said the monitoring will not only benefit consumers but the bank managers as well.
"The measures we are announcing today are designed to limit the likelihood that a major bank would encounter distress or failure that could negatively impact the Canadian economy or taxpayers," she said.
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