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RY - Royal Bank Of Canada News Story

C$89.33 -2.0  -2.2%

Last Trade - 29/05/20

Sector
Financials
Size
Large Cap
Market Cap £74.81bn
Enterprise Value £213.52bn
Revenue £27.11bn
Position in Universe 1st / 2661

Canada's big banks field half a million mortgage deferral requests

Fri 3rd April, 2020 12:30pm
By Nichola Saminather
    April 3 (Reuters) - Canada's biggest banks have received
nearly half a million requests from homeowners to hold off
mortgage payments as the economic fallout from the COVID-19
pandemic deepens, according to the Canadian Bankers'
Association.
    Since the banks announced a plan to provide financial relief
over two weeks ago, almost 500,000 requests to skip or defer
mortgage payments have been completed or are being processed, up
from 213,000 on March 26, according to a statement from the
association seen by Reuters.
    The "big six" lenders - Royal Bank of Canada  RY.TO , TD
Bank  TD.TO , Scotiabank  BNS.TO , Bank of Montreal  BMO.TO ,
CIBC  CM.TO  and National Bank of Canada  NA.TO  - announced the
coordinated effort on March 17 to offer mortgage relief to
customers suffering pay disruption.
    "The country's six largest banks have deferred more than 10%
of the mortgages in their portfolio," the statement said.
    On Thursday, Toronto-Dominion Bank  TD.TO  Chief Executive
Officer Bharat Masrani said the bank has approved 60,000 or
"virtually all" the requests for mortgage deferrals received so
far as part of efforts to ease the impact of the COVID-19
outbreak on borrowers.  urn:newsml:reuters.com:*:nL1N2BQ1H4

 (Reporting by Nichola Saminather in Toronto and Bharath Manjesh
in Bengaluru; Editing by Saumyadeb Chakrabarty)
 ((Bharath.ManjeshR@thomsonreuters.com;  outside U.S. +91 80
6749 2703;))
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