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Concentration of credit risk
 12 Months Ended
Oct. 31, 2020
Text block [abstract]  
Concentration of credit risk
Note  2
4
 
Concentration of credit risk
 
Concentration of credit exposure may arise with a group of counterparties that have similar economic characteristics or are located in the same geographic region. The ability of such counterparties to meet contractual obligations would be similarly affected by changing economic, political or other conditions.
The amounts of credit exposure associated with our
on-
and
off-balance
sheet financial instruments are summarized in the following table:
Credit exposure by country of ultimate risk
 
$ millions, as at October 31
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
 
 
 
 
Canada
 
 
U.S.
 
 
Other
countries
 
 
Total
 
 
Canada
 
 
U.S.
 
 
Other
countries
 
 
Total
 
On-balance
sheet
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Major assets
(1)(2)(3)
 
$
    512,542
 
 
$
    151,337
 
 
$
    70,945
 
 
$
    734,824
 
 
$
444,317
 
 
$
120,286
 
 
$
55,844
 
 
$
620,447
 
Off-balance
sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit-related arrangements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial institutions
 
$
48,236
 
 
$
13,482
 
 
$
12,737
 
 
$
74,455
 
 
$
47,815
 
 
$
13,526
 
 
$
12,318
 
 
$
73,659
 
Governments
 
 
9,860
 
 
 
10
 
 
 
7
 
 
 
9,877
 
 
 
9,208
 
 
 
10
 
 
 
14
 
 
 
9,232
 
Retail
 
 
142,351
 
 
 
554
 
 
 
434
 
 
 
143,339
 
 
 
130,544
 
 
 
510
 
 
 
432
 
 
 
131,486
 
Corporate
 
 
70,130
 
 
 
30,839
 
 
 
8,452
 
 
 
109,421
 
 
 
61,228
 
 
 
28,907
 
 
 
8,266
 
 
 
98,401
 
 
 
$
    270,577
 
 
$
    44,885
 
 
$
    21,630
 
 
$
    337,092
 
 
$
    248,795
 
 
$
      42,953
 
 
$
    21,030
 
 
$
    312,778
 
 
(1)
Major assets consist of cash and deposits with banks, loans and acceptances net of allowance for credit losses, securities, securities borrowed or purchased under resale agreements, and derivative instruments.
(2)
Includes Canadian currency of $497.3 billion (2019: $426.0 billion) and foreign currencies of $237.5 billion (2019: $194.4 billion).
(3)
No industry or foreign jurisdiction accounted for more than 10% of loans and acceptances net of allowance for credit losses, with the exception of the U.S., which accounted for 13% as at October 31, 2020 (2019: 12.1%).
See Note 13 for derivative instruments by country and counterparty type of ultimate risk. In addition, see Note 22 for details on the client securities lending of the joint ventures which CIBC has with The Bank of New York Mellon.
Also see shaded sections in “MD&A – Management of risk” for a detailed discussion on our credit risk.