Office of the Superintendent of Financial Institutions
The Honourable William Francis Morneau, P.C., M.P.Minister of Finance
© Her Majesty the Queen in Right of Canada, as represented by the Minister of Finance, 2019
Complete a survey on your experience using this Departmental Results Report.
Click here to complete the survey
I am pleased to present to Parliament and Canadians the
2018–19 Departmental Results Report for the Office of the Superintendent of Financial Institutions (OSFI). This is an opportunity to outline the work that we have done in support of our mandate which is to protect depositors, policyholders, financial institution creditors and pension plan beneficiaries while allowing financial institutions to compete and take reasonable risks.
During 2018-19, we implemented a new strategic planning framework that included new governance, processes and tools. A key component of this framework is the
OSFI Strategic Plan, which charts a path for our future that builds on the many achievements and learnings of the past.
At its centre is our vision: building OSFI for today and tomorrow: preserving confidence, ever vigilant, always improving. The strategic plan is organized around four goals that together form our core strategic agenda and it lays out what success would look like if we were to achieve our goals. Moreover, it emphasizes the importance of not only
what we do, but
how we do it. We hope that by inviting Canadians to look at our plan, they will appreciate our transparency and that it will sustain the high level of confidence they have in Canada’s financial system.
OSFI’s core tools to improve the safety and soundness of financial institutions and private pension plans are strong guidance and robust supervision. During the reporting period, as described in this report, we issued new or revised guidance to ensure preparedness and enhance the resilience of the financial institutions that we regulate. We also focused our supervisory activities on addressing risks to the Canadian financial system.
The environment in which we operate is in constant evolution and continues to increase in its complexity. It is likely that the pace of change within the industry will continue to accelerate and we must rise to new challenges and meet expectations head-on. We need to adapt and respond to the changing landscape to continue to contribute to a sound and strong Canadian financial system.
Canada has one of the strongest financial systems in the world. There are many reasons for this; among them is our collaboration and coordination with our federal partners (Department of Finance, Bank of Canada, Financial Consumer Agency of Canada and the Canada Deposit Insurance Corporation). Each partner brings to the table a set of unique skills, and together this makes our system work very well.
OSFI is fortunate to have so many dedicated and talented people. As a knowledge-based organization, our greatest asset is our people.
I am confident the work we undertook during 2018-19 and described in this report will position us well for the future.
OSFI’s total actual spending for 2018-19 was $168.3 million and the total actual full-time equivalents was 741. Actual spending was 9.9% higher than OSFI’s original plan and 2.6% higher than its revised plan. OSFI completed an update to its business plan in the fourth quarter of 2017-18 after the completion of the 2018-19 Departmental Plan. This resulted in an increase of $11 million to planned expenditures mainly for technology initiatives and increased capacity to support the continuation of the Human Capital Strategy within the Financial Institution and Pension Plan Regulation and Supervision core responsibility and in Internal Services. Spending above the revised plan was primarily related to the unforeseen impact of an arbitral award pertaining to fiscal years 2014-15 to 2017-18.
In 2018-19, OSFI delivered a number of initiatives to ensure that its regulation and supervision of financial institutions and private pension plans remained effective. Key results in 2018-19 included the following:
For more information on OSFI’s plans, priorities and results achieved, see the “Results: what we achieved” section of this report.
The Office of the Superintendent of Financial Institutions advances a regulatory framework designed to control and manage risk to federally regulated financial institutions and private pension plans and evaluates system-wide or sectoral developments that may have a negative impact on their financial condition. It also supervises financial institutions and pension plans to determine whether they are in sound financial condition and meeting regulatory and supervisory requirements. The Office promptly advises financial institutions and pension plan administrators if there are material deficiencies, and takes corrective measures or requires that they be taken to expeditiously address the situation. It acts to protect the rights and interests of depositors, policyholders, financial institution creditors and pension plan beneficiaries, while having due regard for the need to allow financial institutions to compete effectively and take reasonable risks.
In support of its mandate, OSFI led a number of initiatives in key areas such as capital and liquidity, mortgage underwriting, reinsurance, accounting, corporate governance, and financial technology.
OSFI is an active member of the Basel Committee on Banking Supervision (BCBS), which provides a forum for international rule-making and cooperation on banking supervision and to which, Carolyn Rogers, Assistant Superintendent, Regulation Sector at OSFI was recently appointed Secretary General. OSFI released a discussion paper outlining initial views on the scope and timing of the domestic implementation of the final Basel III reforms issued in 2017.
OSFI released an updated version of its
Capital Adequacy Requirements (CAR) guideline. The CAR is the framework within which OSFI assesses the capital adequacy of federally regulated institutions.
In the first quarter of 2018-19, OSFI announced the Domestic Stability Buffer (DSB), a capital buffer for D-SIBs to ensure these banks hold adequate capital to protect against risks. The DSB is intended to cover a range of systemic vulnerabilities that, in OSFI’s supervisory judgement, are not adequately captured in the Pillar 1 capital requirements described in OSFI’s CAR Guideline. OSFI reviews and sets the level of the buffer every six months.
During the reporting period, OSFI launched an initiative to improve the proportionality of its capital and liquidity frameworks in their application to non-internationally active small and medium-sized deposit-taking institutions. A discussion paper seeking input from stakeholders will be used to inform the development of new requirements for these institutions.
OSFI continues to monitor and prioritize work for institutions with less diversified funding models. With the publication of the revised
Liquidity Adequacy Requirements earlier this year, OSFI introduced the Liquidity Activity Monitor tool to better enable OSFI to detect vulnerable funding in individual financial institutions.
Guideline B-20 (sound mortgage underwriting standards) came into effect on January 1, 2018. During the reporting period, OSFI evaluated the residential mortgage underwriting policies of selected FRFI lenders that represent over 95% of FRFI mortgage activity. It also conducted residential mortgage file effectiveness testing for select FRFI lenders in the fall of 2018. Based on the supervisory work to date, FRFIs have generally complied with Guideline B-20. The qualifying rate for uninsured mortgages (the so called “stress test”), for example, is being applied widely and consistently to borrowers. OSFI recently reinforced its Guideline B-20 supervisory expectations through industry information sessions. OSFI continues to work closely with individual institutions with noted deficiencies. Updates on the impact that this guideline has had on Canada’s uninsured mortgage market are posted on OSFI’s website.
OSFI contributes to the work of the International Association of Insurance Supervisors (IAIS), a body responsible for developing and assisting in the implementation of principles, standards and other supporting material for the supervision of the insurance sector. In 2018-19, OSFI continued to contribute to the work of the IAIS, including the development of a holistic framework.
Over the course of the fiscal year, OSFI issued its first version of the
Mortgage Insurer Capital Adequacy Test (MICAT) guideline. OSFI also released updated versions of its
Life Insurance Capital Adequacy Test (LICAT) and
Minimum Capital Test (MCT) guidelines for life and property and casualty (P&C) insurers, respectively. In collaboration with the P&C MCT Advisory Committee, OSFI developed a framework for P&C insurance companies that are not mortgage insurers.
In support of a robust implementation of the new accounting standard
IFRS 17 Insurance Contracts, OSFI continued to review and consult on the implications of the standard on the LICAT, MICAT and MCT capital frameworks.
Supplementing LICAT, MCT, and MICAT, OSFI issued an updated version of its
Asset Securitization Guideline, which sets out expectations for life and P&C insurers for asset securitization transactions.
OSFI released its revised
Corporate Governance Guideline to consolidate and clarify expectations of boards of directors and senior management at FRFIs and to allow boards to focus on risk governance and culture issues that are critical to the safety and soundness of FRFIs. The release of the guideline was accompanied by strengthened internal guidance, extensive internal training and industry workshops as well as the formation of the Corporate Governance Guideline Advisory Group to support lead supervisors.
As part of its comprehensive review of the reinsurance regulatory framework, OSFI released a discussion paper in June 2018 soliciting industry feedback on a number of proposed changes. This work will lead to amendments to OSFI guidance that will encourage insurers to better manage risks arising from the use of reinsurance, particularly counterparty risk.
In the area of climate change and global warming, OSFI has joined 22 other countries as a member of the Sustainable Insurance Forum (SIF). The SIF is a network of leading insurance supervisors and regulators seeking to strengthen their understanding of and responses to sustainability issues for the insurance business. OSFI will continue to keep abreast of global developments with respect to climate change risk affecting the insurance and banking sectors and beyond to identify appropriate responses that support overall financial stability. OSFI is committed to making public more detailed expectations for insurers and banks.
OSFI continues to advance its crisis management, recovery and resolution practices. OSFI issued the final version of its
Total Loss-Absorbing Capacity (TLAC) Disclosure Requirements Guideline. TLAC disclosures provide transparency on the loss-absorbing capacity of a D-SIB to support its recapitalization in the event of failure. OSFI also continued enhancing recovery plan expectation for selected small and mid-sized institutions, and the advancement of crisis-related cooperation between home and host regulators. Internally, OSFI continued conducting testing activities to improve its agility and crisis preparedness for responding to FRFI-specific crises event.
To help enhance OSFI’s ability to identify, analyze and respond to macroeconomic and geopolitical uncertainty, OSFI further refined its supervisory stress test expectations to require banks to incorporate the impact of expected credit loss.
OSFI is paying particular attention to areas where technology and digitization are affecting operational risks at financial institutions. In 2018, OSFI held its first Innovative Technology Risk Seminar. The event featured internal and external speakers and was designed to provide supervisors with insights and learnings about recent developments on how innovative technology is being applied in the Canadian financial services context. The event contributed to OSFI’s objective of supporting staff in order for them to deliver high quality, risk-based supervision. In particular, based on a survey following the event, staff felt better prepared to discuss industry issues related to innovative technology as they felt better equipped to identify related supervisory and regulatory concerns.
Financial institutions are placing increased reliance on financial technology. This is an area of focus for OSFI as third parties may lack the necessary information security protocols, which could pose information security risks and lead to operational disruptions. In 2018-19, OSFI established a Technology Risk Division which provides specialty technology and cyber risk expertise in identifying FRFI-specific risks, industry-wide risks and/or sector specific trends and developments related to technology and cyber risks that may impact a FRFI’s operational resilience.
In light of the increasing frequency and severity of cyber incidents, OSFI issued an Advisory in January 2019 formalizing the reporting requirements of actual or potential incidents that have been assessed to materially impact the normal operations of a FRFI. Effective March 31, 2019, FRFIs must report such incidents to OSFI within 72 hours of triggering the materiality threshold. This reporting enables OSFI to identify areas where a FRFI or the industry in general can take steps to prevent incidents or to improve their resiliency should an incident materialize.
In 2018-19, OSFI began a review of how it supervises the investments of private pension plans. The review is considering the investment information that OSFI collects as well as the analysis that it conducts and the supervisory procedures it follows to ensure that risks are appropriately identified. As part of the review, OSFI is examining the supervisory approaches taken by international regulatory authorities and other Canadian jurisdictions. The review will continue in 2019-20 and is intended to further strengthen OSFI’s principles- and risk-based approaches to pension plan supervision.
Supervisory ratings are aligned with the risk profile of institutions and range from 0 (normal) to 4 (non-viable/insolvency imminent). Significant increases in ratings, as opposed to progressive ones, can signal issues with the timelines or effectiveness of OSFI supervisory efforts.
Return to footnote 1
In all five cases, the increase by two levels was due to capital management concerns. The result is not indicative of a systemic issue because the FRFIs are relatively small, from three different sectors in the financial industry and the incidents were spread over the fiscal year.
Return to footnote 2
Supervisory ratings are aligned with the risk profile of pension plans and range from 0 (normal) to 4 (non-viable/insolvency imminent). Significant increases in ratings, as opposed to progressive ones, can signal issues with the timelines or effectiveness of OSFI supervisory efforts.
Return to footnote 3
The International Monetary Fund (IMF) conducts its Financial Sector Assessment Program (FSAP) review of OSFI every five years. An FSAP review was conducted in 2018-19. This review did not include an assessment of Basel Core Principles or IAIS core principles (the focus of this indicator) given the high scores OSFI received during the 2014 FSAP review. Given the IMF’s conclusions from the latest review and the previous result received, the result has been carried forward.
Return to footnote 4
A Regulatory Consistency Assessment Programme (RCAP) review was conducted in 2018-19.
Return to footnote 5
As a RCAP review is conducted every two years, the result is calculated once every two years. The result from the previous year is carried forward in the year that a review is not conducted. The result from 2016-17 was carried forward as a review was not conducted in 2017-18.
Return to footnote 6
Budgetary financial resources (dollars)
Human resources (full-time equivalents)
The Office of the Chief Actuary provides a range of actuarial services, including statutory actuarial valuations required by legislation and checks and balances on the future costs of programs for the Canada Pension Plan, Old Age Security, Employment Insurance and Canada Student Loans programs, as well as pension and benefits plans covering the Federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police, federally appointed judges, and Members of Parliament.
In 2018-19, the Office of the Chief Actuary (OCA) continued to provide independent, accurate, high quality and timely actuarial reports and professional actuarial services and advice. With the view of maintaining high quality services, and as recommended by the Canada Pension Plan (CPP) independent peer review panel, the OCA continued to maintain its programs of research on subjects relevant to the preparation of future actuarial reports.
The OCA began work on the triennial
CPP Actuarial Report as at December 31, 2018 (30th Report). This triennial report will project CPP revenues and expenditures over a 75-year period in order to assess the future impact of historical and projected demographic and economic trends. The CPP is one of the cornerstones of Canada’s retirement income system and is financed by contribution revenues and investment returns. For the first time, the report will cover two parts of the CPP: the base CPP and the additional CPP, implemented on January 1, 2019, which covers the enhancements to the CPP agreed upon by the federal and provincial Ministers of Finance in June 2016. As part of the preparatory work for the production of the 30th CPP Report, the OCA organized, in September 2018, an inter-disciplinary seminar on Demographic, Economic and Investment Perspectives for Canada that was attended by representatives from federal, provincial and territorial governments.
This year, as part of its statutory requirements, the OCA completed two actuarial reports with respect to public sector insurance and pension plans, which were submitted to the President of the Treasury Board for tabling in Parliament. The
Actuarial Report on the Pension Plan for the Public Service of Canada as at March 31, 2017 and the
Actuarial Report on the Public Service Death Benefit Account as at March 31, 2017 were tabled in Parliament on November 2, 2018. These reports provide actuarial information to decision makers, parliamentarians and the public, thereby increasing transparency and confidence in Canada’s retirement income system.
Further, the OCA presented to the Canada Insurance Commission the
2019 Actuarial Report on the Employment Insurance Premium Rate, which was tabled in Parliament on September 27, 2018 and provides the forecast break-even premium rate for the upcoming year and a detailed analysis. The OCA also submitted to the Minister of Employment, Workforce Development and Labour the
Actuarial Report on the Canada Student Loans (CSL) Program as at July 31, 2017. This report, which was tabled in Parliament on July 18, 2018, presents a valuation of the program’s overall financial costs and increases the level of information available to decision makers, parliamentarians and the public.
As part of its ongoing research, the OCA published two actuarial studies and two fact sheets in 2018-19:
The Office of the Auditor General (OAG) informed the OCA that it would be using the work that the OCA performed for the Public Accounts of Canada 2017-18, which were tabled in the House of Commons on October 19, 2018. This included utilizing OCA’s work as independent evidence for the OAG’s audit of the Public Accounts of Canada, specifically for the public sector pension and insurance programs, the Canada Student Loans program and Government Annuities. As part of their audit work, the OAG reviews the methods and assumptions used by the OCA. Comments and recommendations put forward by the OAG in the fall of 2018 on actuarial reports prepared for Public Accounts purposes will be reflected in future actuarial reports, as appropriate.
Agreement among all three members of peer review panel
The last peer review was conducted in 2017-18. The result from the previous year is carried forward in the year that a review is not conducted. The next peer review will be completed in 2020-21.
Return to footnote 7
Financial, human resources and performance information for OSFI’s Program Inventory is available in the
Internal Services are those groups of related activities and resources that the federal government considers to be services in support of programs and/or required to meet corporate obligations of an organization. Internal Services refers to the activities and resources of the 10 distinct service categories that support Program delivery in the organization, regardless of the Internal Services delivery model in a department. The 10 service categories are:
In 2018-19, OSFI delivered effective and efficient internal services in support of program delivery, as evidenced by the following key achievements.
In the reporting year, OSFI enhanced its internal governance by overhauling its corporate planning. The Executive Committee finalized and posted on OSFI’s website a three-year strategic plan which provided a vision for the future, confirmed OSFI’s purpose and values, and set clear objectives.
OSFI communicated its plans, programs and activities to stakeholders through its website, traditional and social media, public events and speeches, and Parliamentary appearances. As in previous years, the Executive Committee and senior officials delivered a number of presentations and remarks across Canada and internationally, and frequently spoke at industry conferences and seminars.
OSFI’s external newsletter, The OSFI Pillar, was published three times in 2018-19. This is OSFI’s official newsletter and it provides updates and reminders on the latest guidelines, industry notices, public statements, and other pertinent information.
OSFI responded to nearly 7,000 correspondence and telephone inquiries and requests for information, including 73 inquiries from members of Parliament, 143 inquiries from news media, and 80 access to information requests and consultations. OSFI sought feedback from regulated entities through regular surveys and consultations to identify any issues or concerns and to improve performance.
OSFI continues to invest in its human capital through the Human Capital Strategy, which was launched in 2017. In 2018-19, OSFI undertook a number of activities in support of the strategy’s five pillars: Leadership Development, Talent Management, Learning and Development, Culture and Community and Enterprise Change Management. Highlights include:
Information Management and Technology
OSFI’s IM/IT achievements in 2018-19 included entering into an agreement with a system integrator to design and deliver a new system to enhance the automation of and support supervisory activities. Work also began to procure a new time reporting tool to replace an outdated system and modernize planning and resource management. In support of the Human Capital Strategy, a business case was developed and approved recommending investment in a new learning management platform to promote, develop, deliver and measure learning at OSFI.
OSFI continued to strengthen its cyber security oversight through the implementation of a new cyber security policy. The policy advances best practices in the risk mitigation of cyber threats and guides further maturation of cyber security controls. Efforts also continued to enhance OSFI’s privacy and information management program and respond to access to information requests.
Human resources (full-time equivalents)
Departmental spending trend graph
The graph above presents OSFI’s actual spending from 2016-17 to 2018-19 and planned spending from 2019-20 to 2021-22. The planned spending is based on OSFI’s 2019-20 Departmental Plan. OSFI completed a three-year strategic planning exercise after the 2019-20 Departmental Plan was produced. As per the resulting Strategic Plan, statutory spending is now expected to increase over the 2019-22 horizon. This will be reflected in the 2020-21 Departmental Plan. Statutory expenditures, which are recovered from respendable revenue, represent over 99% of total expenditures. The remainder, representing less than 1% of OSFI’s spending, is funded from a parliamentary appropriation for actuarial services related to federal public sector pension and benefits plans.
Budgetary performance summary for Core Responsibilities and Internal Services (dollars)
OSFI’s 2018-19 actual expenditures were $15.2 million or 9.9% higher than planned as reported in the
2018-19 Departmental Plan. OSFI completed an update to its business plan in the fourth quarter of 2017-18 after the completion of the
2018-19 Departmental Plan. The update resulted in approximately 5.8% of additional planned costs to increase capacity for new or expanded initiatives under the Financial Institution and Pension Plan Regulation and Supervision core responsibility and in Internal Services. This was largely due to an increase of 8.7% in the number of full-time equivalent employees and the impact of an arbitral award pertaining to fiscal years 2014-15 to 2017-18 that compounded personnel costs in 2018-19.
Actual expenditures increased by $13.3 million or 8.6% between 2017-18 and 2018-19. The increase stemmed from personnel costs due to normal economic and merit increases, a retroactive economic adjustment to salaries for the executive group to match the broader federal public service, and an increase in the number of full-time equivalent employees. These variances are consistent across all core responsibility areas and Internal Services.
OSFI’s total expenditures as presented in the
2019-20 Departmental Plan, were expected to decrease by 1.7% in 2019-20 and remain relatively stable the following year. However, OSFI completed a three-year strategic planning exercise after the
2019-20 Departmental Plan was produced. As per the resulting
Strategic Plan, spending is now expected to increase over the 2019-22 horizon. This will be reflected in the
2020-21 Departmental Plan.
Human resources summary for Core Responsibilities and Internal Services (full time equivalents)
In 2018-19, OSFI’s full-time equivalents (FTEs) was 59 FTEs or 8.7% higher than planned. The FTE total represents a growth of 6.6% over 2017-18. This is largely due to the staffing of vacant positions and new positions to increase capacity for initiatives in the Financial Institution and Pension Plan Regulation and Supervision core responsibility area and in Internal Services. Initiatives include an information system to enhance OSFI’s supervisory methodology and processes. After the
2019-20 Departmental Plan was produced, OSFI completed a three-year strategic planning exercise that deliberately accounted for the continually evolving and increasingly complex environment within which it operates. As a result of that exercise, in order to keep pace with its environment, OSFI’s planned FTEs are expected to increase. These increases will be reflected in the
2020-21 Departmental Plan.
For information on OSFI’s organizational voted and statutory expenditures, consult the
Public Accounts of Canada 2018–2019.
Information on the alignment of OSFI’s spending with the Government of Canada’s spending and activities is available in the
OSFI’s financial statements (unaudited) for the year ended March 31, 2019, are available on
The tables below provide highlights from OSFI’s Statement of Financial Position and Statement of Operations, as presented in its audited financial statements prepared in accordance with Public Sector Accounting Standards (PSAS). As such, there are differences between these tables and those presented in other sections of the Departmental Results Report, which are prepared on the appropriation (i.e., modified cash) basis of accounting, in accordance with the Guide to Preparation of Part III of the 2018-19 estimates. Typically the differences stem from the accounting treatment of capital expenditures and trade and other receivables.
Condensed Statement of Operations for the year ended March 31, 2019 (dollars)
Note: Refer to OSFI’s
Future-Oriented Statement of Operations.
OSFI is mainly funded through assessments on the financial institutions and private pension plans that it regulates and supervises, and a user-pay program for legislative approvals and selected services. OSFI also receives revenues for cost-recovered services and a small parliamentary appropriation for actuarial services related to federal public sector pension and benefit plans. Overall, on an accrual basis of accounting, OSFI recovered all of its expenses for the year.
In 2018-19, total expenses were $170.4 million (calculated in accordance with PSAS), a $13.1 million or 8.3% increase from the previous year, and $6.4 million higher than planned. The year-over-year increase is due to the creation of new positions, the staffing of vacant positions, normal escalation and merit increases, and retroactive economic increases for the executive group, which are in step with the broader federal public service.
Condensed Statement of Financial Position (unaudited) as of March 31, 2019 (dollars)
Total financial assets at the end of 2018-19 were $55 million, a decrease of $3.8 million from the previous year. The reduction is driven by a decrease in the Cash Entitlement account as a result of changes in various working capital accounts. The Cash Entitlement account represents the amount that OSFI is entitled to withdraw from the Consolidated Revenue Fund without further authority.
Total financial liabilities were $45.0 million, which was $4.9 million lower than the previous year. The decrease is driven by lower accrued salaries and benefits, largely due to the payment in 2018-19 of retroactive economic increases that were included in the liability from the previous year.
Appropriate minister: William Francis Morneau
Superintendent: Jeremy Rudin
Ministerial portfolio: Finance
Office of the Superintendent of Financial Institutions Act (OSFI Act)
Year of incorporation / commencement: 1987
“Raison d’être, mandate and role: who we are and what we do” is available on
For more information on the department’s organizational mandate letter commitments,Footnote * see the
Minister’s mandate letter.
Information on operating context and key risks is available on the
OSFI’s Departmental Results Framework and Program Inventory of record for 2018–19 are shown below.
Graphical presentation of Departmental Results Framework and Program Inventory
The following supplementary information tables are available on
The tax system can be used to achieve public policy objectives through the application of special measures such as low tax rates, exemptions, deductions, deferrals and credits. The Department of Finance Canada publishes cost estimates and projections for these measures each year in the
Report on Federal Tax Expenditures. This report also provides detailed background information on tax expenditures, including descriptions, objectives, historical information and references to related federal spending programs. The tax measures presented in this report are the responsibility of the Minister of Finance.
Office of the Superintendent of Financial Institutions255 Albert StreetOttawa, Ontario K1A 0H2
Phone: 1-800-385-8647Fax: 1-613-952-8219E-mail:
For Departmental Plans and Departmental Results Reports, planned spending refers to those amounts presented in Main Estimates.
A department is expected to be aware of the authorities that it has sought and received. The determination of planned spending is a departmental responsibility, and departments must be able to defend the expenditure and accrual numbers presented in their Departmental Plans and Departmental Results Reports.
Note that OSFI is an agency of the Government of Canada and reports to Parliament through the Minister of Finance. The Minister’s mandate letter focuses on priorities within the Finance portfolio and does not directly link to OSFI’s priorities.
Return to footnote *