•  The Working Group felt that a holding company structure would better enable oversight of financial groups from a systemic perspective. •  The Working Group had also recommended that there should be a separate statute for regulation of financial holding companies. •  New banks in the private sector would be set up under a Non-Operative Financial Holding Company (NOFHC).
Let me just note that the biggest effect for Canada of a more negative global growth scenario would be a steeper drop in commodity prices and, as in 2015, a significant depreciation of the Canadian dollar. In contrast to these adverse global developments, the Canadian economy is demonstrating resilience overall.