January 9, 2018 / 8:00 PM / 8 months ago

CORRECTED-Canada to introduce new bank capital rules

(Corrects paragraph 1 to show Canada will introduce new capital rules that will enable banks to move more quickly towards adopting proposals set by global regulators, not that Canada’s new interim rules were stricter than proposed global rules; corrects headline to delete reference to stricter capital rules)

TORONTO, Jan 9 (Reuters) - Canada’s banking regulator said on Tuesday it would introduce new capital rules that will enable the country’s banks to move faster towards adopting proposals set by global regulators.

The Office of the Superintendent of Financial Institutions said the changes were designed as an interim step before new global rules are phased in from 2022.

The regulator said it would replace the current capital output floor used by Canada’s banks with the Basel 2 floor, calibrated at 75 percent. (Reporting by Matt Scuffham; Editing by Richard Chang)

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