Chartered Banks
Definition
- Financial institutions that are regulated under the Bank Act. Chartered banks are designated as Schedule I or Schedule II depending on their ownership.
Synonyms
regulated banks
Related Terms and Acronyms
- Bank — Definition,
- An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
- Bank Reserves — Definition,
- Banks' holdings of deposits.
- Canadian Bankers Association (CBA) — Company Est. 1891, Canada, Very Important,
- 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. - Prime Rate — Definition,
- The rate suggested by the Bank of Canada on which most banks base their prime mortgage lending rate.
- Schedule I Banks — Definition,
- A designation in the Bank Act that refers to Canadian-owned banks that are widely held, i.e., ones in which no one owner holds more than 10% of shares.
- Schedule II Banks — Definition,
- 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 — Definition,
- Foreign banks not incorporated under the bank act that are allowed to conduct business in Canada.
