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Canada's big Six banks are domestic Systemically Important Financial Institutions.  Not much news here.

And Pres. Putin took up much of the media attention during the G20 meeting in Australia last month so we can be excused for not hearing too much about SIFIs.

We can also be excused if we did not hear about Finance Minister Jim Flaherty's  federal budget of 2013 when he said that "banks" identified as “systemically important” by OSFI will have to set aside more capital".

The Canada Deposit Insurance Corporation (CDIC) insures depositors up to  $100,000.00.

Further it appears the G20 has also officially declared that derivatives are secured debts. Go figure!

Under discussion are the deposits in SIFI banks that are “too big to fail” and how the banks can “promptly recapitalize” their “unsecured debt” to avoid future taxpayer-funded bailouts.

What that means is that banks will have the authority to recapitalize themselves by converting your uninsured deposits into bank stock.  They are called "Bail-ins" as the G20 has no more appetite for bank "Bail-outs".  

Attached is a discussion paper if anyone is interested.  Comments will be received until Feb. 2, 2015


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