Canada’s banking regulator is urging the country’s major banks to review their accounting practices to ensure they have sufficient reserves as the commodity-price collapse takes a toll on the economy.
This was reported widely, but specifically in the Wall St.Journal.
Canada’s biggest banks are facing questions over whether they have enough reserves to cover soured loans to the energy sector.
A spokeswoman for Toronto-Dominion Bank, Canada’s No. 2 lender by assets, says the bank is confident in its current provisioning practices.