Time for Equitable to put on its big boys pants and come out from under HCG's shadow....
EQB has its own 2 billion credit facility as "standby financing", after revealing it is experiencing daily withdrawals of $75 million from HISAs. But don't worry, folks, this merely shows that Canada's six big banks know a winner when they see one: Equitable CEO Andrew Moor accentuates the positive...
And from the CNW newsfeed from my BMIOL account:
"Mr. Moor thanked the leaders of all six banks, their executive teams and the employees involved in the detailed due diligence process "for their tremendous personal effort over a few short days to make such an enormous supply of backstop liquidity available to Equitable Bank. Beyond the capital and credit assessment, we have benefitted greatly from their wise advice and judgement over the past few days. We are members of a strong banking industry serving Canadians from coast to coast. Thank you."
"tremendous personal effort" over the weekend? No need to worry, though. We are members of a strong banking industry -- as debtors.
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