Canadian banks want action on collateral reform

Canada's biggest banks have urged Jim Flaherty, the country's finance minister, to quickly grant the central bank greater powers to set collateral requirements, local media reports have said.

The Globe and Mail, a Canadian newspaper, reported on Monday that the heads of the six biggest banks are concerned that the current rules, which confer limited power on the Bank of Canada to expand its collateral rules, are putting them at a disadvantage against their European and US counterparts.


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