An Update Regarding The U.S. Banking System

 Photo via @FastCompanySA / Twitter.

Dear Clients,

We want to update you on all the work that we have been doing since the news broke on Friday, March 10 regarding the failure of Silicon Valley Bank. This is the second-biggest bank collapse in U.S. history.

Since Friday and throughout the weekend, we have:

• Spoken to our financial institution partners as well as the regulators in British Columbia and Ontario.

• Reached out to our bank and credit union partners and asked them a variety of questions in order to provide us with some certainty about their situation. Our queries went into depth on their deposit book and risk of contagion.

• Conducted: internal research and analysis of our holdings with each financial institution.

At this time, we have full confidence in the network of issuers that we are working with and their individual situations. We see no evidence of any kind of contagion or deposit risk for our clients.

Moving Forward

We have heard from many of our clients that their board and/or city council is asking for a full review of their portfolio and an understanding of the risk they have embedded in their investment portfolio.

We have deep knowledge in this space with a strong finance team, including decades of industry experience and several Chartered Professional Accountants on our team.

If you would like assistance in carrying out a full consolidated review and preparing a response to your board and/or city council, we would be happy to assist. This can include an analysis of your portfolio based on credit risk, credit ratings, duration risk, counterparty risk, or any other information you may need.

As always, if you have any questions about today’s update, you can call us at 604-643-0101 or email cashgroup@cgf.com.