According to its latest daily update, Canada's biggest non-bank lender Home Capital Group showed the rate of withdrawals by depositors was slowing, one day after the company raised doubts about its ability to continue as a going concern, albeit for a simple reason: there are almost none left. In other words, over the past six weeks, depositors have withdrawn 94% of funds from Home Capital's high-interest savings accounts since March 28.
Also overnight, Home Capital released the terms of the usurious credit facility with the Healthcare of Ontario Pension Plan, that was first announced April 26 in a May 11 filing.
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