Table of Contents
Executive Summary ………………….………………………………………….. 3
Defining Canada’s Personal Loan Market ...…………………………………... 5
HELOCs ……………………………………………...……………………….…. 9
Credit Cards ……………………………………………..…………………..… 15
Other Personal Loans ………………………………………..……………...… 22
Consumer Health ………………..........……..……………………………….… 25
Historical Loss Experience ………………………………………………….…. 26
Our Outlook for Personal Loan Related Credit Costs …..…………………... 28
Appendix 1 – Credit Card Securitization Trust Performance .………….….. 33
Appendix 2 – BMO Personal Credit Summary ………….…………………... 35
Appendix 3 – BNS Personal Credit Summary ………..….…………………... 36
Appendix 4 – CM Personal Credit Summary …………....…………………... 37
Appendix 5 – NA Personal Credit Summary …………….…………………... 38
Appendix 6 – RY Personal Credit Summary ………….……………………... 39
Table of Comparables ……………………………………………………….… 40
Justifications and Key Risks to Target Prices .……………………………….. 41
APPENDIX A ...……………………………………………………………….... 42