Yes, there is a precedent. In the early days of COVID, under the special emergency legislation, the minister was granted this power. It also had an expiry date. It did expire and was never used.
Additional governance around this measure is being proposed. For example, as I noted, it would be with Governor in Council approval and consultation with the heads of those other financial sector agencies. For the duration, should the minister bring forward a temporary increase, she would also be required to table a monthly report in Parliament in terms of the measure.