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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Chartered Banks


Synonyms:regulated banks
Filed Under: financial-banking
Tags: banking
 

Definition of chartered banks

chartered banks
1. Financial institutions that are regulated under the Bank Act. Chartered banks are designated as Schedule I or Schedule II depending on their ownership.

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 reserves   Banks' holdings of deposits.
  • 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.
  • prime rate   The rate suggested by the Bank of Canada on which most banks base their prime mortgage lending rate.
  • schedule i banks   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   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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