Canada Says Six Largest Lenders Are Systemically Important

Canada’s six biggest banks are systemically important and need to set aside more capital to safeguard against failure, the country’s banking regulator said.

The lenders include Royal Bank of Canada, Bank of Montreal, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and National Bank of Canada, the Office of the Superintendent of Financial Institutions said today in a statement. The six banks will be subject to a surcharge equal to 1 percent of risk-weighted capital by Jan. 1, 2016, the regulator said.