Media Advisory - OSFI offers technical briefing for media on recent regulatory announcements related to COVID-19

OTTAWA, March 31, 2020 /CNW/ - Members of the media are invited to a not-for-attribution technical briefing on the Office of the Superintendent of Financial Institutions' latest regulatory announcements related to COVID-19

OSFI has recently announced a series of measures to support the resilience of federally regulated financial institutions and private pension plans as they navigate the challenges posed by COVID-19 and current market conditions. 

1. On March 30, OSFI issued direction on how federally regulated deposit taking institutions should treat new capital made available to small and medium sized enterprises through recently announced government programs.
2. On March 27, OSFI announced specific measures to provide regulatory flexibility to federally regulated financial institutions and private pension plans. This included details on how OSFI is adjusting a number of regulatory capital, liquidity and reporting requirements.
   
3. On March 13, OSFI announced the lowering of its Domestic Stability Buffer (DSB) by 1.25% of risk-weighted assets to 1%, effective immediately. OSFI did this to increase the supply of credit to the economy to provide more than $300 billion of additional lending capacity. OSFI also announced the suspension of all consultations and policy development on new or revised guidance, including the new proposed benchmark rate for uninsured mortgages.

OSFI officials will be available to media by teleconference on Wednesday, April 1 at 10:00 a.m. (ET) to respond to technical questions about these recently announced measures.

This availability is for accredited media only. Please submit accreditation requests for this availability to [email protected] by April 1 at 8:00 a.m. (ET). 

OSFI will provide accredited media with teleconference dial-in details following registration.

We welcome questions in advance and will be answering them in the order received. Please send your questions to [email protected] by April 1 at 8:00 a.m. (ET).

You can follow us on Twitter @OSFICanada.

SOURCE Office of the Superintendent of Financial Institutions

OSFI - Public Affairs, [email protected], 343-550-9373

Related Links

http://www.osfi-bsif.gc.ca/