"Canada’s Secret Bank Bailout
April 30th, 2012 David Macdonald
The conventional narrative about the performance Canada’s big banks during the financial crisis goes as follows: while American banks bet heavily on sub-prime real estate and had extensive shadow bank holdings, Canadian banks did not.
However, the details of exactly how much each Canadian bank received, when they received it, and what they put up as collateral, has remained locked away at CMHC and the Bank of Canada. Not even Access to Information requests have been able to free this information.
Today, the CCPA released my report, The Big Banks’ Big Secret, which provides the first public estimates of the emergency funds taken by Canadian banks. The report bases its estimates on publicly available data from CMHC, the Office of the Superintendent of Financial Institutions, US Federal Reserve, the Bank of Canada, as well as quarterly reports from the banks themselves.
In this study, I estimate that—at their neediest—Canada’s banks had received $114 billion in support, a figure equal to 7% of the size of Canada’s economy in 2009.
This is equivalent to $3,400 for every man, woman and child in Canada.
It is almost 10 times more than the auto bailout, for which Canadians put up $14 billion and for which the loan portion has been repaid. ... (continues) ..."
Source: http://www.behindthenumbers.ca/2012/04/30/canadas-secret-bank-bailout/
Full report: The Big Banks' Big Secret
http://www.policyalternatives.ca/publications/reports/big-banks-big-secret
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April 30th, 2012 David Macdonald
The conventional narrative about the performance Canada’s big banks during the financial crisis goes as follows: while American banks bet heavily on sub-prime real estate and had extensive shadow bank holdings, Canadian banks did not.
However, the details of exactly how much each Canadian bank received, when they received it, and what they put up as collateral, has remained locked away at CMHC and the Bank of Canada. Not even Access to Information requests have been able to free this information.
Today, the CCPA released my report, The Big Banks’ Big Secret, which provides the first public estimates of the emergency funds taken by Canadian banks. The report bases its estimates on publicly available data from CMHC, the Office of the Superintendent of Financial Institutions, US Federal Reserve, the Bank of Canada, as well as quarterly reports from the banks themselves.
In this study, I estimate that—at their neediest—Canada’s banks had received $114 billion in support, a figure equal to 7% of the size of Canada’s economy in 2009.
This is equivalent to $3,400 for every man, woman and child in Canada.
It is almost 10 times more than the auto bailout, for which Canadians put up $14 billion and for which the loan portion has been repaid. ... (continues) ..."
Source: http://www.behindthenumbers.ca/2012/04/30/canadas-secret-bank-bailout/
Full report: The Big Banks' Big Secret
http://www.policyalternatives.ca/publications/reports/big-banks-big-secret
Tweet
#OTB - Public Key Transaction Processor - create digital vaults
#OTB - Open-Transactions - create bankster-free markets
EN | GR | ES | FR | PT | IT | PT
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