Big Six coordinate relief, including six-month payment deferrals [Business News Network (BNN) Energy & Resources (Canada)]
Bank Of Montreal (BMO)
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Source: Business News Network
Big Six coordinate relief, including six-month payment deferrals Canada’s Big Six banks are taking coordinated action on the mortgage front as the nation’s economy faces the uncertainty of the COVID-19 outbreak’s impact. In a press release late Tuesday, Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada said that effective immediately, they will work with personal and small business clients to cope with the economic fallout of the virus, including introducing mortgage payment deferrals of up to six months and relief on other credit products for customers facing hardship. “These measures are an important first step and underscore the resilience of Canada's financial system and the strength of our major banks,” the banks said in the release. “Banks will monitor evolving economic conditions and consider other measures if necessary.”
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