National Bank of Canada at National Bank Financial Services Conference Transcript
(foreign language) For those who don't know me, my name is Jean-Philippe Cousineau, I'm Head of Sales at National Bank Financial. I'd like to welcome you all to the 21st Financial Conference of Montréal.
It is a great timing to have this conference this year. It's interesting times for financial institutions, for the banks, for insurance companies as we're seeing governments around the world do a major tightening cycle, which brings a lot of challenges to financial institutions. In fact, when we did this conference last year, it was the first time the Canadian government raised rates, and they went from 25 basis points to 50 basis points. And this year, 1 year later, it's the first time that the Canadian government took a pause at 4.5 for their overnight rate.
So big changes in the last year, which puts a lot of stress on financial institutions on their funding costs, on their margins. And we saw what happened in the U.S. We saw what happened also in Europe. Some of the topics that could be addressed in the next few days, that and obviously, the budget
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