The Benchmarks Regulation requires us to have a written plan in place and to implement that plan should the benchmark referenced in your mortgage credit agreement materially change or cease to be provided. We will comply with the plan in our engagement with you under your mortgage credit agreement, unless we have a good reason for not implementing the plan (such as a legislative change or other binding legal obligation).
Should the benchmark used in your mortgage credit agreement materially change or cease to be provided, we will substitute an alternative benchmark if this is both feasible and appropriate at that time. Otherwise, we will look to find a solution that is transparent and that fairly balances your best interests with ours.
We will then write to you to inform you what we have done to address the issue and the effect this will have on your credit agreement, including changes (if any) to:
- the interest rate applicable to your mortgage credit agreement;
- your repayment amounts; or
- the term of your mortgage credit agreement.