19:06
Highlights: The Canadian banking system
Canada's banks are well regulated by two main authorities: the Office of the Superintendent of Financial Institutions (OSFI) and the Agency for Consumer Agency of Canada (FCAC). Canada's banks are well managed, it is prudent lenders. Canada's banks are among the best capitalized in the world. Our bank financial groups are well diversified, with subsidiaries in investment supported by strong deposit banks. The Bank Act of Canada is reviewed and updated every five years so that the regulatory structure keeps pace with changes in the sector. Unlike many other countries, Canada does not have to bail out financial institutions to inject capital or to set up public entities to purchase toxic assets. In Canada, the vast majority of mortgages are good, and lenders tend to have a much higher percentage than in the U.S. mortgage that they are the source.
Canadians are careful borrowers and mortgage arrears in Canada remains very low (indeed, according to figures from June 2010, only 0.42% of mortgages taken out with banks were in default). Unlike the U.S., Canada, mortgages with a downpayment of less than 20% must be insured. Banks contribute 3% of GDP. The banks paid $ 7.5 billion in taxes (2009). Banks directly employ over a quarter of a million Canadians, representing an increase of 28.67% over the last 10 years. The banks provide financing to some 1.2 million SMEs. Pension funds and RRSPs are major beneficiaries of the billions of dollars in dividends that banks pay each year. 85% of Canadians trust the banking system. 92% believe that the strength of Canadian banks is essential to ensure the health of the economy as a whole. 91% of Canadians are confident that their deposits are safe. The World Economic Forum has called on the Canadian banking system stronger in the world for the third straight year. The World Economic Forum has called on the Canadian banking system stronger in the world for the third straight year.
Canadians are careful borrowers and mortgage arrears in Canada remains very low (indeed, according to figures from June 2010, only 0.42% of mortgages taken out with banks were in default). Unlike the U.S., Canada, mortgages with a downpayment of less than 20% must be insured. Banks contribute 3% of GDP. The banks paid $ 7.5 billion in taxes (2009). Banks directly employ over a quarter of a million Canadians, representing an increase of 28.67% over the last 10 years. The banks provide financing to some 1.2 million SMEs. Pension funds and RRSPs are major beneficiaries of the billions of dollars in dividends that banks pay each year. 85% of Canadians trust the banking system. 92% believe that the strength of Canadian banks is essential to ensure the health of the economy as a whole. 91% of Canadians are confident that their deposits are safe. The World Economic Forum has called on the Canadian banking system stronger in the world for the third straight year. The World Economic Forum has called on the Canadian banking system stronger in the world for the third straight year.
source : cba.ca
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