Canada’s banking regulator is taking steps toward carrying out daily check-ins with banks in the country to monitor their liquidity following the collapse of the American-based Silicon Valley Bank (SVB), according to media reports.
The move by the Office of the Superintendent of Financial Institutions (OSFI) to more closely monitor the financial health of domestic banks comes just days after it announced that it would be taking temporary control of SVB’s Canadian branch assets.
OFSI also issued notice on March 12 that it is seeking to make permanent the now-temporary asset seizure and that it is requesting Attorney General David Lametti apply for a Winding-Up Order….