Most of the media's attention has recently been on the weakness of the European banks. How exposed are Canadian banks to the huge down turn in commodity and oil prices, two of Canada's largest industries?
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Well the top 6 have ~$100bn in direct gross credit exposure to O&G and considering oil extraction in Alberta is extremely expensive, prolonged depression in oil prices is going to cause some serious defaults.
Although the bank execs keep touting the fact that O&G loans are only a smart part of the portfolio, they're completely (probably purposely) ignoring the subsequent consequences if companies default; namely mass layoffs. A huge number of Alberta's workforce is dependent on oil so defaults are going to create a really large number of unemployed people over a small amount of time, and the personal defaults are going to cause a mess.
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