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Financial Institutions

Financial Institutions

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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