•  But the cost of not implementing Basel III greater than the cost of implementing it. Indeed, the cost-benefit calculus could be positive.
For its part, Canada’s bank regulator, the Office of the Superintendent of Financial Institutions, released new guidance on mortgage underwriting and mortgage insurance that implemented enhanced global standards. These measures were successful in slowing household credit growth and they complemented the Bank of Canada’s accommodative monetary policy by better targeting the stimulus to the most creditworthy households.