The drop in energy prices hurts not only oil and gas companies but banks too, reports Maclean’s.
All of Canada’s major banks have leant money to oil companies. National Bank and Scotiabank are most exposed to the energy sector, says Maclean’s.
One expert says as long as the price of oil stays above $40, banks may not earn as much money, but they’ll survive. Of further comfort to banks’ shareholders—many loans to oilpatch companies took oil price changes into account.
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