Royal Bank of Canada (RY) Presents at National Bank Financial Markets, Financial Services Conference (Transcript)

Royal Bank of Canada (NYSE:RY) National Bank Financial Markets, Financial Services Conference March 29, 2023 11:05 AM ET

Company Participants

Neil McLaughlin - Group Head, Personal & Commercial Banking

Conference Call Participants

Gabriel Dechaine - National Bank Financial

Gabriel Dechaine

All right. I'd like to welcome our next guest, Neil McLaughlin, RBC's Group Head of Canadian Personal and Commercial Banking. Neil, thanks for joining us.

Neil McLaughlin

Thanks, Gabe.

Question-and-Answer Session

Q - Gabriel Dechaine

Again this year, not much has changed. I don't think since last -- maybe. I'd like to start off and you're the biggest deposit business or depending on which category you look at in Canada. So your perspective is a very important. A couple of things. Percentage of uninsured deposits, people are asking about that and then the trends. So, we've obviously seen what's happened in the U.S. Are we seeing any indication of similar customer behavior in Canada? Start with that.

Neil McLaughlin

Yes. I mean, so maybe the first thing, I mean, we've seen a real consolidation of liquidity over the pandemic. I would say we've probably seen peak core deposits in terms of in our business. That liquidity is starting to -- as rates have moved up, really go out and get yield on that, and we're playing a role to really help clients go out and get that yield. So, I mean, you see some very attractive GIC rates out there. But so liquidity is strong. Deposits, I think we're -- we really look at that funding, that access to funding as a core competitive advantage. And it's anchored in their relationship strategy. If you own a relationship with a consumer or the entrepreneur, that's going to be the primary place you can be for deposits.

But in terms of the