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Canada's Fourth Largest Bank Erases $1 Billion In Excess Capital In Unexpected Accounting Gimmick

Early in 2016, when oil prices were plunging and when US banks were careful to push up their loan loss reserves to exposed E&P loans, we noted something surprising: Canadian banks had barely taken any loss reserves to their exposure in the oil and gas sector. As and RBC report calculated at the time, if they used the same average reserve level as that applied by US banks, Canadian banks' current loss allowance excluding RBC would surge from $170MM to over $2.
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