Management remains committed to further enhance and diversify all funding sources to support growth, manage the impact of competitive pressures and sustain adequate net interest margins. The deposit broker network remains a valued source for raising insured fixed term retail deposits and has proven to be an extremely effective and efficient way to access funding and liquidity over a wide geographic base. Selectively utilizing debt capital markets is also part of management's strategy to further diversify the funding base over time. At the end of the third quarter, there was a total of $1,030 million of term deposits raised through debt capital markets, representing 7% of total deposits. Earlier this year, DBRS Limited issued an initial rating of "R-1 (low)" with a stable trend on CWB's short-term debt, enabling the Bank to access an additional source of funding through the issuance of bearer deposit notes (BDNs). The Bank formally announced its BDN program in July with an internally authorized limit of $500 million. The initial issuance of $30 million under the BDN program is captured within the total for debt capital market term deposits referenced above. Current plans are to issue approximately $250 million of BDNs by fiscal year-end. Management will also continue to evaluate the funding potential available through securitization of portfolios that may include equipment loans and leases, residential mortgages and commercial mortgages.
Other Assets and Other Liabilities
Other assets at July 31, 2013 totaled $358 million, compared to $350 million last quarter and $313 million one year ago. Other liabilities at quarter end were $443 million, compared to $456 million the previous quarter and $440 million a year earlier.
Off-balance sheet items include assets under administration and assets under management. Total assets under administration, which are comprised of trust assets and third-party leases under administration, as well as mortgages under service agreements, totaled $8,210 million at July 31, 2013, compared to $7,821 million last quarter and $6,830 million one year ago. Assets under management were $1,811 million at quarter end, compared to $905 million last quarter and $815 million a year earlier, primarily reflecting the addition of McLean & Partners.
Other off-balance sheet items are comprised of standard industry credit instruments (guarantees, standby letters of credit and commitments to extend credit). CWB does not utilize, nor does it have exposure to, collateralized debt obligations or credit default swaps. For additional information regarding other off-balance sheet items refer to Note 11 of the unaudited interim consolidated financial statements for the period ended July 31, 2013, as well as Notes 11 and 20 of the audited consolidated financial statements on pages 81 and 91, respectively, in the Bank's 2012 Annual Report.
Effective January 1, 2013, the Office of the Superintendent of Financial Institutions Canada (OSFI) requires Canadian financial institutions to manage and report regulatory capital in accordance with a new capital management framework, commonly referred to as Basel III. The required minimum regulatory capital ratios, including a 250 basis point capital conservation buffer, are 7.0% common equity Tier 1 (CET1), effective in the first quarter of 2013, and 8.5% Tier 1 and 10.5% total capital effective in the first quarter of 2014. The Basel III rules provide for transitional adjustments whereby certain aspects of the new rules will be phased in between 2013 and 2019. The only available transition allowance in the Basel III capital standards permitted by OSFI for Canadian banks relates to the multi-year phase out of non-qualifying capital instruments.
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