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Financial Institutions

Financial Institutions. Bank of Canada . Canada’s central bank Only deals with Chartered Banks and the Government Controls the money supply (money in circulation) Issues new money in place of old money. Banks are divided into two groups:.

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Financial Institutions

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  1. Financial Institutions

  2. Bank of Canada • Canada’s central bank • Only deals with Chartered Banks and the Government • Controls the money supply (money in circulation) • Issues new money in place of old money

  3. Banks are divided into two groups: • Schedule 1 – offer a variety of services, mostly to consumers (personal banking) • Big Six in Canada account for 90% of all bank assets (CIBC, Royal Bank, Bank of Nova Scotia, TD Canada Trust, Bank of Montreal, National Bank • Schedule 2 – deal mostly with businesses (commercial banking) • i.e. Hong Kong Bank of Canada

  4. Chartered Bank: “CIBC” • Operates under the Bank Act • Participates in branch banking • Offers standard services to customers • Trust Companies: “TD Canada Trust” • Provide same service as Chartered Bank PLUS the purchase and sale of real estate

  5. Credit Unions: “Niagara Credit Union” • Organized by a group of people with a common interest who agree to pool and share resources • Receive deposits, lend money, chequing • Must have money in the institution in order to borrow money • Members are shareholders and vote on issues • Non-profit organization

  6. Caisses Populaires: “Desjardins” • Same as Credit Unions EXCEPT they mainly serve the francophone population

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