Canadian banks face C$152b bill for 2008 crisis they avoided
The banks are still subject to new rules even though Canada never had to provide bailouts during the financial crisis
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Toronto
CANADIAN banks are starting to get their share of the bill for global regulations designed to prevent a repeat of the taxpayer funded bailouts of the 2008 financial crisis.
Over the next five years the nation's six largest banks will need to convert C$152 billion (S$162 billion) of capital into securities that can be used as a shock absorber during a crisis, according to estimates from Royal Bank of Canada. That pales in comparison with the US$1.2 trillion tab the world's biggest lenders face, but the Canadians are unusual in that they never needed rescuing in the first place.
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