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Canada moves to chip-based technology
Banks, major credit card companies, and Interac have begun to introduce chip technology for introducing chip technology for debit and credit card -
Efficiency and Competition in Canadian Banking
Allen and Engert report on recent research at the Bank of Canada on various aspects of efficiency in the Canadian banking industry. This research suggests that, overall, Canadian banks appear to be relatively efficient producers of financial services and they do not exercise monopoly or collusive-oligopoly power. The authors note the value of continuing to investigate opportunities to improve efficiency and competition in financial services in Canada. -
Canadian economy fell into recession in October 2008
In September 2008 Lehman Brothers collapsed in the biggest U.S. bankruptcy ever.
No Canadian financial institutions failed. There were no government bailouts of insolvent firms (just a couple of lend- ing programs to address market volatility relating to problems in the United States). -
The Bank of Canada’s Senior Loan Officer Survey
Since 1999, the Bank has been conducting a quarterly survey of the business lending practices of major Canadian financial institutions. Analysis of the information collected shows that it is correlated with future growth in both credit and business investment. This article focuses on how the survey is conducted and describes the construction of the summary statistics, highlighting the key statistical relationships in the historical survey data. -
Deputy Governor to leave Bank of Canada
The Bank of Canada announced today that Deputy Governor Sheryl Kennedy has decided to leave the Bank to pursue other interests. She will step down from her position effective 1 December 2008. -
Bank of Canada Appoints Two Advisers
David Wolf, Head of Canadian Economics and Chief Strategist with Banc of America Securities–Merrill Lynch in Toronto, will join the Bank as an Adviser on 1 June 2009. He will draw on his experience and deep knowledge of the global and Canadian economies, as well as financial markets, to focus on issues related to monetary policy and to contribute to the Bank's research program.
Jean Boivin will join the Bank in September 2009 for a term as Special Adviser. -
Bank of Canada Announces Changes to its Securities-Lending Program
The Terms have been revised to enhance the design of the securities-lending program in light of the effective lower bound for the Bank of Canada's target rate and to promote the efficient functioning of the Government of Canada securities market. The new terms will be effective 1 June 2009 and participation in the program will be conditional upon PDs signing an amendment to the Securities Loan Agreement with the Bank of Canada. -
Bank of Canada to Issue New Bank Notes
As announced in today's federal budget, in 2011 the Bank of Canada will begin to issue a new series of bank notes printed on a polymer material. The new notes will incorporate innovative security features to significantly increase their protection against counterfeiting. The polymer material will last longer than the cotton paper currently in use, resulting in lower overall production costs and reduced environmental impact. -
Canada Is Adjusting to Global Economic Transformation, Says Bank of Canada Governor Mark Carney
While Canada’s economy remains relatively well positioned, it is being buffeted by a significant transformation of the global economy, which is driven by a combination of secular trends and cyclical forces, Bank of Canada Governor Mark Carney said. “It is a time of great opportunity for Canada, but navigating the cross-currents in the global economy will require boldness and skill,” the Governor said in a speech today to the Canadian Club of Ottawa. -
Bank of Canada Unveils Polymer Bank Note Series: Celebrating Canada’s Achievements at the Frontiers of Innovation
Minister Flaherty spoke of the importance of cash as a means of payment in the daily lives of Canadians, adding this is why it is important Canadians see their story reflected in the designs. “These banknotes evoke the country’s spirit of innovation, and their designs celebrate Canada’s achievements at home, around the world, and in space,” he said. “Bank notes are cultural touchstones that reflect and celebrate our Canadian experience.”