Canada to start daily bank check-ins after SVB collapse - media

Illustration shows destroyed SVB (Silicon Valley Bank) logo
Destroyed SVB (Silicon Valley Bank) logo is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

March 13 (Reuters) - Canada's banking regulator is increasing monitoring of domestic banks' financial health as the fallout from Silicon Valley Bank's collapse reverberates around the world, The Globe and Mail reported on Monday.

The Office of the Superintendent of Financial Institutions (OSFI) took steps to begin daily check-ins with banks that will enable it to monitor their liquidity, the report added.

OSFI did not immediate respond to a Reuters request for comment.

Canada on Sunday took temporary control of SVB's unit in the country, adding that it is seeking to gain permanent control of the Canadian branch's assets.

Reporting by Mrinmay Dey in Bengaluru; Editing by Sam Holmes

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