(Corrects day of week to Tuesday, not Wednesday)

TORONTO, Feb 5 (Reuters) – Canada will monitor the terms of a stress test designed to cut out risky mortgage lending in light of rising interest rates, one of the country’s top banking regulators said on Tuesday.

“We understand that we need to monitor the effects of the stress test and interest rate changes,” Carolyn Rogers, Assistant Superintendent at the Office of the Superintendent of Financial Institutions (OSFI), said following a speech. (Reporting by Matt Scuffham Editing by Chizu Nomiyama)