Finance committee  Mr. Chair, based on our examination and review, the private pension plans and defined benefit pension plans under our jurisdiction have performed well relative to the recent conditions. Solvency rates clearly have come under pressure, but there is nothing unexpected in that regar

Finance committee  There's nothing further to add from me. Thank you, Mr. Chair.

Finance committee  I'll just build on that. We are subject to international peer reviews that examine the standards that we apply to the institutions. We continue to get “compliant” ratings out of that process. We're also subject to reviews from the International Monetary Fund that review in more d

Finance committee  A variety of factors go into the setting of the domestic stability buffer. A large part of it relates to the strength of the economy and the growth in underlying assets, as well as broader questions around risk, such as household debt and consumer debt, as examples. In this part

Finance committee  Thank you, Mr. Chair. On March 27, we introduced a portability freeze. That is regulatory-speak for the extent to which transfers can be pulled out of pension plans. We did that because of the uncertainty facing the solvency positions of those funds because of the extraordinary

Finance committee  Thank you, Mr. Chair. Just to build on that, the domestic stability buffer was built up as a war chest in good times for use in more difficult times, such as the ones we see. The lesson from history has been that without those reserves in place, banks can tighten and restrict le

Finance committee  Good evening. As the superintendent mentioned, one of OSFI's roles is to be prepared for threats to the financial system. Our guidance and expectations for financial institutions and private pension plans under our jurisdiction are aimed at supporting resilience. OSFI's sustai