Equitable announced Monday it had obtained a letter of commitment for a two-year, $2 billion secured backstop in a bid to stem any contagion from its embattled rival Home Capital Group Inc., which has seen a partial run on its funding. The loan facilitys backers initially included Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and National Bank. Then, Bank of Nova Scotia and Bank of Montreal were added to the syndicate later Monday. Equitable confirmed Wednesday that Royal Bank of Canada, the countrys largest bank by market capitalization, would also be backing Liquid Chalk|Canada the emergency funding. Related Terence Corcoran: Home Capital Group didnt just fall from the edge of a cliff it was pushed If all six of Canadas largest banks have the confidence to support Equitable Bank, it is evident that our customers, whether they be savers and depositors or borrowers should have similar confidence, said Andrew Moor, president and chief executive of Equitable Bank, in a statement on Wednesday. Last week, Equitable saw an elevated but manageable decrease in its deposit balances which helps the company fund its mortgage lending of roughly $225 million between April 26 and April 28, representing 2.4 per cent of its total deposit base. In turn, Equitable started reaching out to the Big Six banks as insurance in case its liquidity became eroded further, Moor told the Financial Post on Monday. Equitable already had a $1-billion credit facility with one of the banks, said Moor. This new funding with the syndicate adds $2 billion on top of that, but at more costly terms. The terms of the facility announced Monday include a 0.75-per-cent commitment fee and a 0.5-per-cent standby charge on any unused portion of the facility, Equitable said Monday. The interest rate on the funding facility is approximately 60 basis points over the cost of Equitable Groups Guaranteed Investment Certificates (GICs) one of the mortgage lenders sources of funding, it added. Ratings agency DBRS said in a statement Wednesday the funding facilitys terms should still allow (Equitable) Group to deliver sound financial results, if drawn upon. Its competitor Home Capital has been mired in liquidity problems since the Ontario Securities Commission submitted formal allegations on April 19 against the Toronto-based alternative mortgage lender and some of its current and former executives.
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