Canadas major banks saw their shares slump, while Equitable Group Inc. , a rival of Home Capital, plunged by almost a third. Morneau landed in Ottawa Wednesday night, calling his departmental officials as he got off the plane for the latest information, according to people familiar with the discussions. He later spoke with Jeremy Rudin, head of Canadas Office of the Superintendent of Financial Institutions, who is responsible for regulating what the World Economic Forum has called the soundest banking system. On Thursday, Morneaus office pledged his support forRudins OSFI and the banking sector. Our government has full confidence in OSFI to manage the situation, Morneau spokeswoman Annie Donolo said in an email. The pledge wasnt enough to calm investors. While Home Capitals stock recovered on Thursday on speculation a buyer for the company might emerge, the deposit run continued, totaling C$892 million over three days to close the week. Whats more, the onerous terms of the high-interest lifeline , later revealed by Bloomberg News to be from Healthcare of Ontario Pension Plan , resonated beyond the company. Run on Deposits We looked and felt, what on earth are they doing? Equitable Chief Executive Officer Andrew Moor said in an interview. We thought that might cause issues of confidence in the market, frankly, and so immediately we started reaching out to our bankers. Equitable started to face a rash of withdrawals too, losing about C$75 million daily between Wednesday and Friday -- even though the Canada Deposit Insurance Corporation provides a safety net by guaranteeing deposits of up to C$100,000. Just as Moor was reaching out to banks, Morneau was doing the same. On the weekend, he spoke with heads of the biggest commercial lenders to discuss Home Capital -- though precisely which bank executives he called isnt clear.
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