Briefing

TD added to list of global systemically important banks

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The country’s second-biggest lender has joined RBC in being considered a global systemically important bank (G-SIB), meaning it must hold extra capital. TD was added at the lowest tier of the Financial Stability Board’s list, which was introduced after some lenders needed bailouts during the 2008 global financial crisis. (The Logic)

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Talking point: In March 2013, the federal Office of the Superintendent of Financial Institutions named the six largest Canadian banks as domestic SIBs. These banks are subject to a capital surcharge, the statutory bail-in regime, more supervision, recovery and resolution planning and increased disclosure. TD is the 30th financial institution to be added to the global list, and is the world’s 27th largest bank in terms of total assets. JPMorgan Chase tops the ranking.