20:26
Canadian health health insurance system : what will change
source : hc-sc.gc.ca
Canadian health care system (Medicare)
The national Canadian health insurance, commonly called "health insurance", aims to ensure that all residents have reasonable access to hospital services and medically necessary without having to pay directly for these services. Rather than having a single system across the country, Canada has established a national system is comprised of thirteen health insurance plans separate provincial and territorial, but share certain characteristics and standards of basic protection common. The principles governing our health care system are defined by the Canada Health Act and reflect Canadian values of equity and solidarity. The federal and provincial / territorial governments share roles and responsibilities for health insurance. Under the Canada Health Act - our federal law on health insurance - the provincial and territorial health insurance must meet certain conditions to be eligible for all of the cash portion of the contribution Federal paid to them by virtue of the Canada Health Transfer (CHT). The provincial and territorial governments are responsible for the administration, organization and delivery of health services for their residents.
19:10
the difference between the banking systems, Canadian and American
A few words about the structure of U.S. banks, these banks ... and the difference.
The U.S. Federal Reserve:
1) decides the monetary policy of the United States with a dual objective of price stability and full employment, and the obligation to facilitate economic growth;
2) oversees the U.S. banking system;
3) publishes reports, such as the Beige Book, on the U.S. economy;
4) acts as a lender of last resort;
5) can influence the external value of the currency, the U.S. dollar, particularly through the use of interest rates (interest lenders) to motivate the coming or the flight of capital and thus influence the money supply and growth U.S. economy (example of disguised protectionism resulting in a subsequent devaluation of the dollar and therefore a better price competitiveness);
6) is independent of political institutions.
In the current crisis, it is this last point that has hurt the U.S. economy.
In Canada, in 1990 the government decided not to allow mergers of large Canadian banks, which determined the border between "banks" and "too big banks." In addition, our banks have kept a strict standard for granting credits.
Specify a few differences:
1) Canada has a strong regulatory system and centralized it has a different mortgage market from the United States.
2) We do not encourage the level of access to mortgage tax.
3) A mortgage sub-prime "almost not exist in Canada. In addition, a borrower has a mortgage greater than 80% must ensure its mortgage.
Finally, domestic banks are subject to substantial government regulation that is centralized. To do this, we have the "Office of the Superintendent of Financial Institutions" and "Financial Consumer Agency of Canada."
Finally, the World Economic Forum, believes that the Canadian banking system is the most "healthy" in the world.
To see rates inétrêts:
Businesses have a need for funding and will borrow. The interest rate is a cost of production, companies will pay the principal and intérêts.Si the interest rate is high, the cost of credit will be high, there will be a drop in demand for capital and investment will fall.
Households have a net lending, as they save. The interest rate is income: if the interest rate is high, the savings increase (ie traffic stops), consumption falls, output falls and unemployment increases.
There is a situation that some describe as the risk when interest rates are low.
This risk is capital flight to foreign countries where the yield is higher. In fact, if our assets are invested abroad, normally, the return from these investments, increase our wealth. Unless this is the Caisse who choose where to invest, it seems.
The U.S. Federal Reserve:
1) decides the monetary policy of the United States with a dual objective of price stability and full employment, and the obligation to facilitate economic growth;
2) oversees the U.S. banking system;
3) publishes reports, such as the Beige Book, on the U.S. economy;
4) acts as a lender of last resort;
5) can influence the external value of the currency, the U.S. dollar, particularly through the use of interest rates (interest lenders) to motivate the coming or the flight of capital and thus influence the money supply and growth U.S. economy (example of disguised protectionism resulting in a subsequent devaluation of the dollar and therefore a better price competitiveness);
6) is independent of political institutions.
In the current crisis, it is this last point that has hurt the U.S. economy.
In Canada, in 1990 the government decided not to allow mergers of large Canadian banks, which determined the border between "banks" and "too big banks." In addition, our banks have kept a strict standard for granting credits.
Specify a few differences:
1) Canada has a strong regulatory system and centralized it has a different mortgage market from the United States.
2) We do not encourage the level of access to mortgage tax.
3) A mortgage sub-prime "almost not exist in Canada. In addition, a borrower has a mortgage greater than 80% must ensure its mortgage.
Finally, domestic banks are subject to substantial government regulation that is centralized. To do this, we have the "Office of the Superintendent of Financial Institutions" and "Financial Consumer Agency of Canada."
Finally, the World Economic Forum, believes that the Canadian banking system is the most "healthy" in the world.
To see rates inétrêts:
Businesses have a need for funding and will borrow. The interest rate is a cost of production, companies will pay the principal and intérêts.Si the interest rate is high, the cost of credit will be high, there will be a drop in demand for capital and investment will fall.
Households have a net lending, as they save. The interest rate is income: if the interest rate is high, the savings increase (ie traffic stops), consumption falls, output falls and unemployment increases.
There is a situation that some describe as the risk when interest rates are low.
This risk is capital flight to foreign countries where the yield is higher. In fact, if our assets are invested abroad, normally, the return from these investments, increase our wealth. Unless this is the Caisse who choose where to invest, it seems.
As I said, I do not see any other impediments to the interest rate below that limit opportunities for speculators, especially those on exchange rates that are, in fact, the biggest speculators of finance.
source : centpapiers.com
André Lefebvre
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
19:04
The creation of the Canadian banking system
For most people, the banks form a muffled world, even mythical, in part because the transactions remain private. The impressive architecture of banks or their safes closed by indecipherable combinations maintain this secret and mysterious side.
On 10 September 1987, André Raynault, professor of economics at the University of Montreal, Pierre Olivier tells the story of banks. In Canada, major banks are emerging in the 19th century. They then specialize in financing businesses.
On 10 September 1987, André Raynault, professor of economics at the University of Montreal, Pierre Olivier tells the story of banks. In Canada, major banks are emerging in the 19th century. They then specialize in financing businesses.
19:02
The strength of the Canadian banking sector is helping the country overcome the crisis
The headlines these are distressing days. You can not open a newspaper without reading once again a bank in one country or another, asked the government to bail it out, while others put the key in the door. However, when the global financial system through this difficult period, it is important to consider the situation of foreign banks relative to banks in Canada. These distinctions directly and positively affect the ability of our economy to overcome crises.
See the situation in the United States. Recently, the Economist magazine suggested the possibility that more than 1,000 banks go bankrupt in the U.S. over the next five years if the situation were to deteriorate. For now, bank lending in the United States is less available, banks enroll losses, government tax revenues fall, the U.S. government must come to the rescue of banks and lax banking regulation is strongly criticized.
Contrasts with the situation in Canada
Although banks in Canada are not completely spared, they benefit from the strength and stability of the foundations of a national banking system. Our banks continue to offer credit - in fact, loans to businesses by banks increased by almost 11% in January 2009 compared to January 2008. The Canadian banking sector is profitable and will continue to be an important source of revenue for the Government of Canada, contributing to the financing of social programs popular with Canadians.
Moreover, no bank in Canada has needed financial assistance from the government and no pressure was exerted on it so that it frees the banks from their bad debts. Instead, the federal government has implemented the program to purchase mortgages insured under which it buys from banks and mortgage quality, safe and insured to inject liquidity into the credit market, and this the benefit of taxpayers.
Such a healthy banking system, strong and stability is essential to the long-term prosperity of Canada, no matter where you live. In 2007, Quebec, banks have contributed to the provincial GDP at a rate of 2.76% and employed nearly 42,000 people. The strong presence of banks serves as a valuable anchor for economic recovery.
A growing number of Canadians are aware and continue to place great confidence in our banking sector. A survey conducted in late 2008 by The Strategic Counsel on behalf of the Canadian Bankers Association (CBA) revealed that 77% of Canadians describe the Canadian banks as being safer and more stable than the banks' abroad.
Prudence, management and regulation
According to this study, three main factors explain the confidence that our banking sector inspires Canadians: the prudence of banks' loans and investments, improved management of domestic banks compared with banks abroad and government regulation of the banking sector .
It is true that we have not a single body of securities regulators. However, overall, our regulatory regime has broad support from people like U.S. President Barack Obama, former Federal Reserve Chairman Paul Volcker U.S. and many other observers. We can conclude that the banking model is best able to overcome economic crisis seems more like red and white than red, white and blue.
And the world looks to Canada for advice on how to get out of the current banking crisis. The Federal Finance Minister Jim Flaherty is working closely with its G20 counterparts to help stabilize the global banking system. The Governor of the Bank of Canada, Mark Carney, and the Superintendent Julie Dickson, participate actively in the efforts with their counterparts around the world, like the CEO of Scotiabank, Rick Waugh, through his work at the Institute of International Finance. Collectively and individually, the efforts of those Canadians and others accolent Financial Services of Canada label strength and reputation abroad.
A serious concern persists, however: the distinctive approach of Canada does lose in the race towards a new global regulation of international organizations or in a wave of international regulations excessive, unnecessary and inappropriate? Or will we rise to new approaches that would reflect the elements that made the Canadian system so strong? We can not allow a race to the regulatory epidermal crush us.
Maintain balance
Canada's approach - a balance between the close monitoring of solvency, and prudent management of banks and competition - has allowed its financial system to meet its commitments. Given the role played by the banking sector in stabilizing our economy, we should defend this distinctive Canadian approach.
In our view, it is essential that each country determines what changes are needed in its legislation now rather than waiting for a world body imposes new rules. We strongly support the adoption of internationally agreed standards, but no country should give up its ability to set its own standards, even in matters of capital adequacy and risk management. Instead, the development of these standards must be consistently and transparently in every country.
Much remains to be done and the bankers of Canada must continually demonstrate the many strengths of our banking and financial system, and maintain the trust of our customers. The banking sector in Canada is the challenge, helping to sustain our economy and establishing global leadership at a time when many countries face not only difficult, but are looking for models.
See the situation in the United States. Recently, the Economist magazine suggested the possibility that more than 1,000 banks go bankrupt in the U.S. over the next five years if the situation were to deteriorate. For now, bank lending in the United States is less available, banks enroll losses, government tax revenues fall, the U.S. government must come to the rescue of banks and lax banking regulation is strongly criticized.
Contrasts with the situation in Canada
Although banks in Canada are not completely spared, they benefit from the strength and stability of the foundations of a national banking system. Our banks continue to offer credit - in fact, loans to businesses by banks increased by almost 11% in January 2009 compared to January 2008. The Canadian banking sector is profitable and will continue to be an important source of revenue for the Government of Canada, contributing to the financing of social programs popular with Canadians.
Moreover, no bank in Canada has needed financial assistance from the government and no pressure was exerted on it so that it frees the banks from their bad debts. Instead, the federal government has implemented the program to purchase mortgages insured under which it buys from banks and mortgage quality, safe and insured to inject liquidity into the credit market, and this the benefit of taxpayers.
Such a healthy banking system, strong and stability is essential to the long-term prosperity of Canada, no matter where you live. In 2007, Quebec, banks have contributed to the provincial GDP at a rate of 2.76% and employed nearly 42,000 people. The strong presence of banks serves as a valuable anchor for economic recovery.
A growing number of Canadians are aware and continue to place great confidence in our banking sector. A survey conducted in late 2008 by The Strategic Counsel on behalf of the Canadian Bankers Association (CBA) revealed that 77% of Canadians describe the Canadian banks as being safer and more stable than the banks' abroad.
Prudence, management and regulation
According to this study, three main factors explain the confidence that our banking sector inspires Canadians: the prudence of banks' loans and investments, improved management of domestic banks compared with banks abroad and government regulation of the banking sector .
It is true that we have not a single body of securities regulators. However, overall, our regulatory regime has broad support from people like U.S. President Barack Obama, former Federal Reserve Chairman Paul Volcker U.S. and many other observers. We can conclude that the banking model is best able to overcome economic crisis seems more like red and white than red, white and blue.
And the world looks to Canada for advice on how to get out of the current banking crisis. The Federal Finance Minister Jim Flaherty is working closely with its G20 counterparts to help stabilize the global banking system. The Governor of the Bank of Canada, Mark Carney, and the Superintendent Julie Dickson, participate actively in the efforts with their counterparts around the world, like the CEO of Scotiabank, Rick Waugh, through his work at the Institute of International Finance. Collectively and individually, the efforts of those Canadians and others accolent Financial Services of Canada label strength and reputation abroad.
A serious concern persists, however: the distinctive approach of Canada does lose in the race towards a new global regulation of international organizations or in a wave of international regulations excessive, unnecessary and inappropriate? Or will we rise to new approaches that would reflect the elements that made the Canadian system so strong? We can not allow a race to the regulatory epidermal crush us.
Maintain balance
Canada's approach - a balance between the close monitoring of solvency, and prudent management of banks and competition - has allowed its financial system to meet its commitments. Given the role played by the banking sector in stabilizing our economy, we should defend this distinctive Canadian approach.
In our view, it is essential that each country determines what changes are needed in its legislation now rather than waiting for a world body imposes new rules. We strongly support the adoption of internationally agreed standards, but no country should give up its ability to set its own standards, even in matters of capital adequacy and risk management. Instead, the development of these standards must be consistently and transparently in every country.
Much remains to be done and the bankers of Canada must continually demonstrate the many strengths of our banking and financial system, and maintain the trust of our customers. The banking sector in Canada is the challenge, helping to sustain our economy and establishing global leadership at a time when many countries face not only difficult, but are looking for models.
source : cyberpresse.ca
18:59
The Canadian banking system: a real example!.....................
The international crisis we are experiencing now has many banks in a difficult position. Some even seem to be on the verge of bankruptcy ... but there are countries where banking systems are significantly less risk: that of Canada, for example, is the healthiest in the world, according to the Global Competitiveness Report prepared by the Economic Forum Global non-profit based in Geneva.
The Canadian banking system ahead because the systems in Sweden, Luxembourg and Australia ... and Ontario, with Toronto in mind, is at the heart of the banking system copy!
A sophisticated and efficient banking system
Canada has a sophisticated financial system and very innovative: it is updated every 5 years to adapt equally well to changing times than good times or crisis, like we live in now, which is the soundest banking system, as evidenced by the IMF.
Aid in the creation of new businesses unique
Canada has also been elected the number 1 in the Global Competitiveness Report for the help in the creation of new businesses, because the steps are much faster. Toronto, Ontario, is one of the ten "most powerful cities in the world, economically," according to Forbes, and "with London, Toronto is the most important financial center in the G7," which demonstrates that Ontario stability and ability to grow your business and expand it.
Leader in the growth of North American Market
Many investors already know that Canada is one of the safest places in the world to invest, especially the province of Ontario - and Toronto in particular - which is part of the 3 main players in North America the financial services sector. Since 2004, the Ontario government has reduced corporate taxes by more than $ 1.5 billion.
A strong economy and growing
Ontario's GDP (over U.S. $ 453 billion) is larger than Switzerland, Belgium, Austria and the Scandinavian countries and represents over 38% of the total GDP of Canada.
World leaders there are only advantages, as evidenced by growth at 13% of foreign direct investment in Canada in the sectors of finance and insurance in 2007, making Ontario a safe bet for investors to help expand rapidly both in Canada and around the world.
Growth was boosted by a skilled workforce
More than 336,000 people work in the field of finance and insurance in Ontario, and almost half of them in banking. Ontario has trained 6,000 financial analysts, more than 8,500 specialized in financial planning, and more than 31,000 accountants.
MBA programs in Ontario are among the best in the world. And the number of financial specialists is growing, encouraged by a significant investment in training by the government. Thus, 17 universities have over 55,000 students enrolled in "business" and nearly 14,000 students in accounting.
Moreover, in order to attract the brains in the financial sector, the Government of Ontario has recently established a Centre of Excellence for Education in the field of financial services, and allocated $ 4 million over 3 years. The center's mission is to promote innovation and technology, attracting students from around the world in Toronto.
Ontario is thus the "engine" that powers the Canadian financial services.
Ontario, a paradise for investors!
Accessibility, proximity to the NAFTA region, cost competitive in business, stability and ability to develop various industries in many sectors (professional and financial services, life sciences, etc ...) and copy the banking system, all qualities that make Ontario a haven for international investors!
source : mediaslibres.com
The Canadian banking system ahead because the systems in Sweden, Luxembourg and Australia ... and Ontario, with Toronto in mind, is at the heart of the banking system copy!
A sophisticated and efficient banking system
Canada has a sophisticated financial system and very innovative: it is updated every 5 years to adapt equally well to changing times than good times or crisis, like we live in now, which is the soundest banking system, as evidenced by the IMF.
Aid in the creation of new businesses unique
Canada has also been elected the number 1 in the Global Competitiveness Report for the help in the creation of new businesses, because the steps are much faster. Toronto, Ontario, is one of the ten "most powerful cities in the world, economically," according to Forbes, and "with London, Toronto is the most important financial center in the G7," which demonstrates that Ontario stability and ability to grow your business and expand it.
Leader in the growth of North American Market
Many investors already know that Canada is one of the safest places in the world to invest, especially the province of Ontario - and Toronto in particular - which is part of the 3 main players in North America the financial services sector. Since 2004, the Ontario government has reduced corporate taxes by more than $ 1.5 billion.
A strong economy and growing
Ontario's GDP (over U.S. $ 453 billion) is larger than Switzerland, Belgium, Austria and the Scandinavian countries and represents over 38% of the total GDP of Canada.
World leaders there are only advantages, as evidenced by growth at 13% of foreign direct investment in Canada in the sectors of finance and insurance in 2007, making Ontario a safe bet for investors to help expand rapidly both in Canada and around the world.
Growth was boosted by a skilled workforce
More than 336,000 people work in the field of finance and insurance in Ontario, and almost half of them in banking. Ontario has trained 6,000 financial analysts, more than 8,500 specialized in financial planning, and more than 31,000 accountants.
MBA programs in Ontario are among the best in the world. And the number of financial specialists is growing, encouraged by a significant investment in training by the government. Thus, 17 universities have over 55,000 students enrolled in "business" and nearly 14,000 students in accounting.
Moreover, in order to attract the brains in the financial sector, the Government of Ontario has recently established a Centre of Excellence for Education in the field of financial services, and allocated $ 4 million over 3 years. The center's mission is to promote innovation and technology, attracting students from around the world in Toronto.
Ontario is thus the "engine" that powers the Canadian financial services.
Ontario, a paradise for investors!
Accessibility, proximity to the NAFTA region, cost competitive in business, stability and ability to develop various industries in many sectors (professional and financial services, life sciences, etc ...) and copy the banking system, all qualities that make Ontario a haven for international investors!
source : mediaslibres.com
18:56
Barack Obama will propose a broad reform of U.S. financial system
The Obama administration needs to present on Wednesday the most ambitious project to reform the financial system since the 1929 crisis, a whole battery of new operating rules and controls to prevent the U.S. economy to plunge into a vicious circle.
And it's not temporary measures, such as the recent partial nationalization of the automakers or major financial institutions, but permanent changes, leading to a heated debate between Democrats and Republicans.
The government wants to rebalance and the power and authority between the agencies responsible for regulating the banking, credit and investment, all of which play a role in the lives of everyday Americans through credit cards, mortgages or pension funds.
Based on the fact of obsolescence of existing rules for financial system has become incredibly complex and opaque, the administration will have to find the right balance between action ultimately ineffective and too timid a straitjacket that would hinder capitalism. "From a macroeconomic view, we are very supportive of reform," says Tim Ryan, CEO of the Securities Industry and Financial Markets Association (SIFMA), which represents the interests of securities firms, banks and managers assets.
The new organization will address the four main weaknesses identified in the current financial system.
- The absence of a federal entity capable of detecting the institutional tensions that threaten the financial system and the government's failure to intervene to help large institutions whose collapse would undermine the whole system. This entity already exists for banks, the Federal Deposit Insurance Corp.. Fund (Federal Deposit Insurance, FDIC);
- The under-capitalization of major financial institutions. When the crisis came, most banks had too much debt and not enough equity (capital);
- The emergence of large markets such as little-regulated investment funds at risk (hedge funds) and large insurers such as AIG, without federal oversight. The Obama administration is that the big private investment funds are registered with the Securities and Exchange Commission (SEC), Constable of the award, and is considering creating a federal charter for insurers;
- Consumers and lending institutions whose decisions reckless borrowing and credit were crumbling families in debt and contributed to the instability of the financial system. Barack Obama will probably recommend the creation of a protective device that can monitor for specific financial products than borrowing like mortgages and credit cards.
With regard to streamlining the number of regulatory agencies, banking, and insurance, Democrats and Republicans want the latter but at the same time would weaken the powers of the Federal Reserve (central bank) and the FDIC .
The administration has proposed a time to merge the SEC and the policeman of the commodities market, CFTC (Commodities Futures Trading Commission) but gave up before the political and legal difficulties of the operation.
Reforms may well anyway to make a winner: the Fed. The government and the president of the institution, Ben Bernanke, want the Central Bank becomes the regulator of "systemic risk" watch the financial system responsible for identifying gaps and tensions that could undermine it. At the time the responsibility for monetary policy and supervision of the largest financial institutions in the United States, if not the world, the Fed would gain an authority unmatched. The industry hopes the administration will propose to attend the Fed's board of controllers capable of detecting potential hazards.
Regarding the management of bankruptcies pose a risk to the entire financial system, the government wants to strengthen the role of the FDIC but leave the Fed and the Treasury's decision to involve the Fund. The Republicans meanwhile prefer that companies are restructured or liquidated by the bankruptcy court and do not trust government institutions to prevent or even anticipate crises.
To which the chief economic adviser of President Obama, Lawrence Summers, replied that can not ask the government to sign big checks to save financial institutions and they refuse to be supervised by the state. AP
source : latribune.fr
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