GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Schedule I Banks


Synonyms:domestic bank
Filed Under: financial-banking
Tags: banking
 

Definition of schedule i banks

schedule i banks
1. A designation in the Bank Act that refers to Canadian-owned banks that are widely held. This refers to banks where no single owner holds more than 10% of shares.

Related Terms and Acronyms:

  • bank   An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
  • Bank of Canada (BC, BOC)   Canada's central bank.
      ➥  Canada's central bank.
  • Canadian Bankers Association (CBA)   Professional industry association that provides information, research, advocacy, education and operational support services primarily to the banking industry.
      ➥  One of Canada's oldest business associations.
  • central bank   An institution that manages a nation's monetary policy.
  • chartered banks   Financial institutions regulated under the Bank Act. Chartered banks are designated as Schedule I or Schedule II depending on their ownership.
  • closely held   Schedule II banks may be closely held, i.e., one party (owner) may hold more than 10% of the outstanding shares. Schedule I banks are prohibited from this type of ownership.
  • commercial bank (CB)   A financial institution that provides a broad range of services, from chequing and savings accounts to business loans and credit cards.
  • regional bank   A bank with a primary market in a regional or metropolitan area but takes deposits from throughout the province in which it is located. Usually called a Credit Union in Canada.
  • schedule ii banks   A designation in the Bank Act that refers to foreign-owned banks and closely held Canadian banks, i.e., banks in which an owner may hold more than 10% of outstanding stock.
  • schedule iii banks   Foreign banks not incorporated under the bank act that are allowed to conduct business in Canada.

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