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Apparently, a great reckoning is fast approaching inside the country’s gleaming bank towers. Canada’s major banks are said to be on the verge of hitting a revenue iceberg that could slice earnings per share growth in half this year.

And it’s all Mark Carney’s fault. The Bank of Canada governor’s obsession with aggressively low interest rate policies and his get-tough message on climbing household debt are really putting a crimp in the historically predictable and reliable sources of income the big banks have enjoyed at home.

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The two engines that have fuelled strong earnings momentum during the global economic turmoil— growth in consumer credit and residential mortgages — are stalling.

All six of the majors — Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank — are said to be feeling the squeeze.

To pick up the imminent slack, they’re being forced to look outside the country to boost their balance sheets in 2013. Except the problem is that it isn’t a whole lot rosier out there either, which is why the mighty financial institutions will likely see their credit ratings lowered a notch next week by Moody’s Investors Service Inc.