Violet ROBERTSON Boileau

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The Canadian Coast Guard is a
special operating agency of Fisheries and Oceans
Canada (DFO), one of the federal government departments

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Boileau was a Chief Petty Officers with the HMCS Victoria, a submarine based in Esquimalt.Brentwood Bay, B.C.
 
Richard Boileau, 47, drowned Saturday after getting into trouble
while diving with two friends in Brentwood Bay. The two other divers with him 
 attempted a rescue, but were unsuccessful.

 

Royal Bank, CIBC Face Greatest Mortgage Exposure Risk -

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  • May 21, 2012, 1:19 p.m. ET
TORONTO (Dow Jones)--Royal Bank of Canada (RY, RY.T) and Canadian Imperial Bank of Commerce (CM, CM.T) are the most susceptible to potential residential mortgage risk among Canada's big six banks, Fitch Ratings said in a release Monday.

The report is the latest in a string of warnings about the record levels of household debt, led by mortgage lending, amid widespread speculation of a housing bubble forming in Canada and the threat that it poses to the country's economic health in the event of a sudden collapse.

"Persistently low interest rates have made an increased debt burden bearable by reducing households' debt service ratio," but that makes "Canadian households...more vulnerable to adverse shocks," New York-based Fitch said.

As of end of January, the six largest Canadian banks had $912 billion of exposure to the domestic residential mortgage market, Fitch said.

Against that backdrop, the debt rating service stress tested the banks and found Royal Bank and CIBC are the most exposed to "potential mortgage risk given the size of their domestic mortgage books relative to their lending," Fitch said. By comparison, Bank of Montreal (BMO, BMO.T) and Toronto-Dominion Bank (TD, TD.T) are viewed as the least exposed to mortgage risk, Fitch said.

Representatives for Royal Bank and CIBC couldn't immediately be reached for comment.



-By Ben Dummett; Dow Jones Newswires; [email protected] http://online.wsj.com/article/BT-CO-20120521-711205.html

Mortgage risk biggest threat to Canadian banks: Fitch By Julia Johnson, Financial PostMay 21, 2012

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Since housing prices have risen at a faster pace than household income, household debt levels are at record highs, the report said. Photograph by: Tyler Anderson , National Post files Of the big six Canadian banks, the Royal Bank of Canada and the Canadian Imperial Bank of Commerce are exposed to the most mortgage risk, according to a Fitch Ratings report published Monday.



The U.S. ratings agency examined the exposure of Canada’s six largest banks to mortgage risk and found that household debt fuelled by mortgage credit expansion in Canada is the largest threat to the banks’ credit profiles.



When comparing the banks domestic mortgages relative to total loans, CIBC and RBC were exposed to the most potential risk, while TD and BMO were the least. The agency also noted that TD use more insurance relative to the others while RBC had the least.



The agency said Canadian households have become more vulnerable to adverse market shocks in the past decade. The housing market has been pushed upward by low interest rates in the past 10 years. Since housing prices have risen at a faster pace than household income, household debt levels are at record highs, the report said.



Overall, the report found that Canadian banks had sufficient capital to withstand market stress.



It also noted that ratings for big Canadian banks are among the highest in the world.

© Copyright (c) National Posthttp://www.canada.com/business/fp/Mortgage+risk+biggest+threat+Canadian+banks+Fitch/6654622/story.html

Boileau was a Chief Petty Officers with the HMCS Victoria, a submarine based

in Esquimalt.

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CFB Esquimalt member dies in scuba diving accident
CBC News
Posted: May 21, 2012  11:47 AM PT
Last Updated:  May 21, 2012   4:25 PM PT
 
 
 
 
 

A member of CFB Esquimalt died Saturday while scuba diving off the coast of
Vancouver Island.

Brentwood
Bay, B.C.
Richard Boileau, 47, drowned Saturday after getting into trouble while
diving with two friends in Brentwood Bay. The two other divers with him
attempted a rescue, but were unsuccessful.


Boileau was a Chief Petty Officers with the HMCS Victoria, a submarine based
in Esquimalt.


"He'll be missed," said Commander Christopher Ellis, the commanding officer
of HMCS Victoria.


"We're a very small crew, a tight crew, and when anyone, one of our crew
members, or a key member especially like this, is lost like this, it's felt in
the unit."


Ellis says Boileau was on a recreational dive at the time that was not
connected to his duties.


His equipment has been sent to the Canadian Coast Guard for testing to
determine if an equipment failure caused the accident. Officials say an autopsy
might be performed.http://www.cbc.ca/news/canada/british-columbia/story/2012/05/21/bc-diver-cfb-esquimalt.html