A National Bank also granted 3,000 moratoriums on repayment of principal for up to 6 months.The Canadian Press
National Bank of Canada has provided $800-million ($567-million) in interest-free loans to about 20,000 small business and not-for-profit applicants since it began offering them on April 9, the lender’s chief executive said on Friday.
The smallest of Canada’s Big Six banks has also granted 3,000 moratoriums on repayment of principal for up to 6 months, CEO Louis Vachon said at its annual shareholder meeting.
Canadian banks have processed about 710,000 mortgage deferrals or skipped payments, accounting for 15 per cent of their home loan portfolios, the Canadian Bankers Association said on Twitter on Thursday.
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