Investing.com - Financial Markets Worldwide
Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

CORRECTED-Bank of Montreal says not seeing rise in consumer delinquencies after oil slump

Published 2016-04-05, 05:23 p/m
© Reuters. CORRECTED-Bank of Montreal says not seeing rise in consumer delinquencies after oil slump

(Corrects to repeat without unrelated Fintrac alert that was
inadvertently attached)
TORONTO, April 5 (Reuters) - Bank of Montreal's BM.TO
chief executive said the lender was not seeing increases in
delinquencies in its consumer loan book following the slump in
oil prices and forecast struggling oil firms would restructure
rather than fail.
"We're not seeing increases in delinquencies yet. There's
likely salary continuation among laid off workers in the oil
sector. There are many two-earner families. That sustains people
in a downturn," Bill Downe said in an interview after the bank's
annual meeting on Tuesday.
Downe said he expected consolidation in the industry as
companies adapt to the lower oil price environment, rather than
widespread failures.
"The story of the oil patch is much more a story of
restructuring than it is one of failure and default. That means
the strongest companies are going to buy weaker companies," he
said.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.