March 26, 2013 / 1:32 PM / in 5 years

Canada's top six banks to get capital surcharge as of 2016

OTTAWA, March 26 (Reuters) - Canada’s banking regulator has identified the country’s six largest banks as being of systemic importance and will therefore impose a capital surcharge on them as of January 2016, the Office of the Superintendent of Financial Institutions (OSFI) said on Tuesday.

The six banks are the Bank of Montreal, the Bank of Nova Scotia, the Canadian Imperial Bank of Commerce , National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank.

“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,” said Julie Dickson, the head of OSFI, said in a statement.

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