The COVID‑19 outbreak, as is true for many other nations of the world, is still considered the single gravest crisis Canada has had to contend with in the country’s recent history. To aid government, private sector and individual efforts to get the nation through the challenge of the times, Canada’s banks are doing their quota, numbers reveal.
In a bid to curb the effects of the pandemic of general financial market, the banking sector in Canada has worked in tandem with the federal government, the Bank of Canada and regulators to fast-track the implementation of relief programs.
Several banks also reportedly reassigned a portion of their staff to put the needed emphasis on developing structured plans to help small and medium scale businesses manage and thrive through the uncertainties presented by the pandemic.
In a report which looked back on efforts made so far, the association of lenders in the country stated that Canada’s banks have “helped more than 799,900 homeowners with mortgage flexibility and provided more than 482,500 individuals with credit card payment deferrals.”
Canada’s banks have “helped more than 799,900 homeowners with mortgage flexibility and provided more than 482,500 individuals with credit card payment deferrals.”
Through the Canada Emergency Response Benefit, which was set up in partnership with the government, banks in the nation were able to provide funds to over 3.4 million Canadians, while also facilitating interest‑free loans to over 879,000 small businesses via the Canada Emergency Business Account.
The six biggest lenders in Canada have collectively waived over $112 million in fees for personal bank accounts between March 2020 and February 2021.
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