Based on submissions, it appears that all of our banks are ready to respond to, and comply with, FACTA requirements. However, there are varying levels of preparedness within the banking sector. Our three Canadian and the U.S.-owned banks are at the highest level of preparedness, having been part of their parents‟ global program of FATCA compliance.
Doing so should allow us to avoid those policy decisions – for example, maintaining excessively loose monetary policy for too long or offering too wide a safety net through the lender-of-last-resort function – that inadvertently add momentum to such developments.