OTTAWA ─ February 15, 2016 ─ Office of the Superintendent of Financial Institutions
Today, the Superintendent of Financial Institutions took further steps to protect depositors and creditors of the Canadian branch of Maple Bank GmbH (Maple Bank) by taking permanent control of the assets of the Canadian branch, and requesting the Attorney General of Canada to apply for a winding-up order with respect to these assets under section 10.1 of the Winding-up and Restructuring Act.
On February 10, 2016, the Office of the Superintendent of Financial Institutions (OSFI) issued a news release announcing that the Superintendent had taken temporary control of the assets of the Canadian branch of Maple Bank.
The Superintendent took these actions to preserve the value of the assets of the branch.
- On February 11, 2016 an insolvency administrator was appointed in Germany to administer the wind-up of Maple Bank GmbH under the supervision of the German Insolvency Court.
- Maple Bank is headquartered in Germany; it maintains a foreign bank branch in Toronto that is supervised by OSFI.
- The primary businesses of Maple Bank’s Toronto branch are securitization, securities financing and structured secured wholesale lending.
- Maple Bank’s Toronto branch has a small number of wholesale deposits. Maple Bank is not a member of the Canada Deposit Insurance Corporation and therefore its deposits are not covered by CDIC deposit insurance.
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.
OSFI – Public Affairs