Dividend increaseThe following appeared in my WebBroker inbox this morning (Weednesday, June 30):
04:54 PM EDT, 06/29/2021 (MT Newswires) -- The new head of Canada's banking watchdog is preaching patience when it comes to loosening restrictions on share buybacks and dividend increases, BNN Bloomberg is reporting Tuesday.
In an interview Tuesday, Superintendent of Financial Institutions Peter Routledge said the regulator plans to wait before easing those restrictions, which were instituted at the onset of the pandemic, until it is certain the major risks to financial stability are firmly in the rearview mirror.
"[The Office of the Superintendent of Financial Institutions] has long stated, and I repeat, that we'll continue to err on the side of being a little late in lifting the restrictions as opposed to a little early," he said "We judge the level of financial uncertainty as diminishing, but not to a level where returning discretion for capital distribution increases to boards of directors is prudent as of yet. So we'll just going to monitor that uncertainty and act accordingly."
"Please, I'd ask folks, be patient. OSFI does have track record of having reasonably good judgment in that regard."
(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Good luck to all