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November 19, 2025

Speech: Association des économistes québécois (ASDEQ) and CFA Québec

Toward a virtuous circle for productivity — External Deputy Governor Nicolas Vincent speaks before the Association des économistes québécois (ASDEQ) and CFA Québec (12:45 (ET) approx.).

Perceived interconnections between Canadian banks and non-bank financial intermediaries under stress

Staff analytical note 2025-26 Javier Ojea Ferreiro
I study the links between Canadian banks and non-bank financial intermediaries (NBFIs) by observing co-movements in stock prices. Perceived interconnections increased before the COVID-19 pandemic but have since stabilized, with the strongest ties seen between large banks and NBFIs. The secured credit line extended to Home Trust, a non-bank mortgage lender that experienced severe funding stress in 2017, significantly reduced banks' risk exposure to NBFIs during this episode.
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