CMHC Declares Special Dividend
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 06/29/17 -- As part of its first quarter financial report, Canada Mortgage and Housing Corporation (CMHC) announced the implementation of a dividend framework. At the same time, CMHC announced its intention to declare a special dividend during the year.
Today, CMHC is declaring a special dividend of $4 billion. The one-time action will align CMHC's actual capital with its capital holding target and will be paid in instalments over a period not to exceed two years.
CMHC's mortgage loan insurance and securitization businesses operate on a commercial basis and are expected generate a reasonable return for the Government. CMHC declared its first dividend ($145 million) as part of its 2017 first quarter financial report.
Historically, CMHC has retained all of its net income as capital. Going forward, CMHC will consider a regular quarterly dividend to the Government in the event its actual capital exceeds its capital target.
Quotes:
"CMHC's special $4 billion dividend is a sign of how well the Crown Corporation is managing its mortgage loan insurance and securitization businesses. By sending excess funds to the Government CMHC is abiding by good governance principles."
- The Honourable Bill Morneau, Minister of Finance
"Our Government is proud of our ongoing work to modernize CMHC. Bringing stability and affordability to Canada's housing market remains a priority. Today's announcement demonstrates CMHC's progress."
- The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation
"As a Crown corporation, CMHC is the only mortgage insurer whose proceeds benefit all Canadians. The special dividend returns excess capital to the Government of Canada while ensuring enough capital is retained for the risks we've assumed."
- Wojo Zielonka, Chief Financial Officer and Senior Vice-President, Capital Markets, Canada Mortgage and Housing Corporation
CMHC helps Canadians meet their housing needs. As Canada's authority on housing, we contribute to the stability of the housing market and financial system, provide support for Canadians in housing need, and offer objective housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of our operations.
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Backgrounder
Contacts:
Media inquiries:
Jonathan Rotondo
CMHC Media Relations
613-748-2734
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Datum: 29.06.2017 - 13:00 Uhr
Sprache: Deutsch
News-ID 550507
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contact information:
Town:
OTTAWA, ONTARIO
Kategorie:
Local
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