Banks could suffer if new regs restrict lending: Scotiabank

Scotiabank chief executive Rick Waugh says Canadian banks could be weakened by stricter international regulations that change the way financial institutions handle loans. The head of Canada’s most international bank told shareholders at a meeting in St. John’s, N.L. on Thursday proposed international lending rules threaten the foundation that helped strengthen the domestic banking sector in the face of the global credit crisis. “There is a real danger that Canada will perhaps — inadvertently — be significantly weakened by these reforms”

Opinion:

Canada banks should continue to do what their doing because despite the financial crisis Canadian economy wasn’t affected badly because of how we operated. If this new rule it could actually force the Canadian banks to securitize and sell off mortgages, even though they’ve traditionally been “a key factor” in manoeuvre through the crisis. As well banks are asking to pushing for Canada’s banking interests at the G20 summit, as well as at future financial stability. This is because it would allow us to be heard and ensure a level playing field for everyone;

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