Canada Bank Act

From Wikipedia, the free encyclopedia

The Bank Act (1991, c. 46) is an Act of the Government of Canada respecting banks and banking.

The Act groups banks in three schedules. Schedule I banks are banks allowed to accept deposits that are not a subsidiary of a foreign bank, Schedule II banks are banks allowed to accept deposits that are a subsidiary of a foreign bank with branches in Canada, and Schdedule III banks are foreign banks with certain restrictions that can do banking business in Canada.

The Canadian banking industry includes 19 domestic banks, 23 foreign bank subsidiaries and 21 foreign bank branches operating in Canada. ^[1]

[edit] References

1. ^ Banks in Canada. Canadian Bankers Association.

[edit] See also

• Banking in Canada
• List of banks in Canada
• List of Acts of Parliament of Canada

[edit] External links

• Canadian Department of Justice - Bank Act
• Bank Act at The Canadian Encyclopedia