Cscnotes
HAPTER 1: The Capital Markets and Financial Services (continued)
CHARTERED BANKS
*All banks operate under the Bank Act, regulation of Canadian bank ownership protect against foreign domination
1. Schedule 1 Chartered Banks
Sixteen banks with six largest (Royal, CIBC, BMO, Scotia, TD, and National)
Provide services through investment dealers, insurance, mortgage, trust, mutual fun, and international subsidiaries
"Chinese walls" controls that inhibit information sharing between various businesses
Major activity is to loan funds to businesses and consumers at interest rates higher then the rates they must pay in interests on deposits or other borrowing (covers operating costs)
Specialized types of lending; residential mortgages, term lending, project financing, foreign lending, venture capital lending, credit card lending, equipment leasing
2. Schedule 2 and 3 Banks
Schedule 2 may be wholly owned by non-residents, engage in same business as Schedule 1
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Cscnotes
cscnotes. HAPTER 1: The Capital Markets and Financial Services (continued) CHARTERED
BANKS *All banks operate under the Bank Act, regulation ...
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