Nov. 30 (Bloomberg) -- Several of Canada’s big five banks, which include Royal Bank of Canada, Toronto Dominion Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Bank of Montreal, may announce big writedowns, the Financial Times said.

The writedowns will be part of the bank’s results for the fiscal year ended Oct. 31, the newspaper reported, without saying where it got the information.

The World Economic Forum recently ranked Canada as the soundest banking system in the World. The banks have taken a more conservative approach to lending than their U.S. counterparts, the newspaper said.

To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net.

Last Updated: November 30, 2008 18:02 EST