The reserve bank was out and about today, holding conference calls with clients, as regulators tried to figure out exactly how much the bank was losing from the subprime-mortgage market collapse. On Thursday, the bank, which has about a billion dollars at stake, told investors it had lost billions.
The Reserve Bank of Canada is facing mounting pressure from investors, analysts and regulators over concerns over too many banks failing to cover losses in subprime-mortgage markets. (Adrian Wyld/Canadian Press)
NRA chief executive Wayne LaPierre, who has publicly blasted banks for failing to keep up with their obligations to the federal government, called the bank's numbers an "unacceptable, unacceptable scandal."
"The banks will continue to fail at thei호텔 카지노r own rate," LaPierre told investors at Toronto's Ryerson University in his first comments on the matter.
The central bank was out this morning holding its quarterly rate conference call and talking about risks facing the bank and the 강원 랜드 카지노 시카고 게임global economy.
NRA chief Wayne LaPierre, a longtime Conservative MP, said the bank had lost millions of dollars in subprime-mortgage lending when most companies would have done so but chose not to, and that too many banks are "not adequately paying the full cost."
But Mr. LaPierre pointed to the bank's recent $25-million settlement with regula윈 카지노tors.
That deal includes a promise to give up a percentage of its capital gains on $14 billion in subprime-mortgage sales, with a similar figure set to be released next month.
The bank says the settlement could affect $250 million in tax revenue from current subprime-mortgage transactions over the next six months, but said it will avoid the revenue losses by holding its investment portfolio in Canadian assets, in place of U.S. assets, and using its savings to pay down its debt, as well as to diversify its holdings.