A: Our priorities as a regulator are, first and foremost, derived from our mandate to contribute to public confidence in the Canadian financial system. To achieve that mandate, we must continuously monitor, assess and respond to risks on the near and long term horizon.
At the onset of COVID-19, extraordinary measures by financial regulators and governments across the globe focused on lessening the financial risks for financial institutions (i.e., liquidity pressures, mortgage loan defaults, etc.) to help maintain a resilient financial system. These were generally quite effective, but not comprehensive in addressing emerging risks in the midst of the pandemic.
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