The Financial Stability Board found Canada’s reporting on banks’ private credit lending lacks key data, with several figures either incomplete or disclosed only in aggregate—often bundled with private equity lending. That lags the likes of the U.S., U.K., Switzerland, Hong Kong and the Euro zone. (The Logic)

Talking point: Despite its small size, Canada’s private credit market has grown quickly, expanding at an average annual rate of 16 per cent over the past five years—just below the U.K.’s 17 per cent pace—and above the Euro area’s 13 per cent growth over the past decade, according to the FSB, a global financial monitor. In Canada, the asset class is funded largely by pension funds and insurers, with capital flowing through domestic asset managers into infrastructure, commercial real estate and asset-backed loans like aircraft leases. The FSB’s analysis found that Statistics Canada captures only 64 per cent of financial sector assets while lacking granularity on foreign exposures and instruments, and disclosures from the Office of the Superintendent of Financial Institutions—though detailed—do not include collateral-level information.