Canada’s banking regulator has raised the ceiling on a capital buffer that it requires the country’s largest banks to hold, citing risks from inflation, rising interest rates and household debt as reasons for caution.
OSFI also announced Thursday that the buffer’s level will be increased to 3 per cent as of Feb. 1, 2023. That is an increase of 0.5 per cent from the current level of 2.5 per cent, which had been the maximum level until now. OSFI updates the DSB level at least twice annually, but can change it any time to respond to the economic environment.
By increasing the top end of the buffer range, the regulator is raising the burden on banks to set aside significant capital to guard against losses or economic upheaval. That can affect decisions by bank executives about how much to lend, to invest in their businesses, and the amount of capital they return to shareholders through dividends and stock buybacks.
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Anne Dawson now head of PMO appointments teamAnne Dawson has had a soft landing since losing her post as chief of staff to the minister for FedDev Ontario amid the staffing change-ups that followed last August’s mini-cabinet shuffle, and is now at work as senior director of appointments in Prime Minister Justin Trudeau’s office. Dawson had been chief of staff to then-minister for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) Helena Jaczek starting in November 2021. On Aug. 31, Jaczek was shuffled into the public services and procurement portfolio, trading places with Liberal MP Filomena Tassi, who is now the FedDev Ontario minister. Jaczek opted to promote Cory Pike, who’d been a senior adviser for COVID response in the public services office under Tassi, to serve as chief of staff. Tassi, meanwhile, chose to hire Jennifer Kuss to run her office as minister for the economic development agency. Anne Dawson is now senior director of appointments in the PMO. Photograph courtesy of LinkedIn Dawson has been working as a ministerial chief of staff on the Hill since 2017, starting out in charge of then-science and sport minister Kirsty Duncan’s office. After the 2019 federal election, Dawson became chief of staff to then-seniors minister Deb Schulte, whose office she ran through the entire 43rd Parliament. A former president of the Parliamentary Press Gallery, Dawson is an ex-chief political correspondent for The National Post on the Hill and a former Ottawa bureau chief for Sun Media. She was also previously Queen’s Park bureau chief for the Toronto Sun. Since leaving the Post and journalism in general in 2006, Dawson has been executive director of communications for the Canada Mortgage and Housing Corporation, an adviser with MC2, a strategic partner with M&C Consulting, and a partner with Dawson Ferguson Strategies—her last role before being hired to run Duncan’s office. Dawson is now leading the PMO appointments team. Nadia Khaiati, who replaced Hilary Leftick as director of app He just loves to surround himself with women.. kinda creepy
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