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Bank of Canada

 

Bank of Canada Logo

 

The Bank of Canada (in French: Banque du Canada) is Canada's central bank. It opened in 1935 after the passing of the Bank of Canada Act, which, among other things, gave the bank a monopoly on the issuance of banknotes.

 
 

Its stated purpose is to 'promote the economic and financial well-being of Canada. 'The bank's headquarters are located in the Bank of Canada Building at the corner of Wellington and Bank Streets in downtown Ottawa.

The Bank carries out monetary policy by influencing short-term interest rates. It does this by raising and lowering the target for the overnight rate. (The 'overnight rate' is the interest rate at which major financial borrow and lend one-day (or overnight) funds among themselves.) Low, stable and predictable inflation is the best contribution that monetary policy can make to a productive, well-functioning economy. It allows Canadians to make spending and investment decisions with more confidence.

The Bank of Canada routinely provides 'liquidity' to financial institutions that are participants in the financial system; that is, it lends them money overnight to facilitate the settlement of payments systems. As the 'lender of last resort,' the Bank also provides emergency liquidity to eligible institutions that face significant funding problems. These consist of markets for money, bonds, equities, derivatives, and foreign exchange.

Bank of Canada HQ Location Map

Bank of Canada
HQ Address: 234 Wellington Street
Ottawa, Ontario
Canada
K1A 0G9
Telephone: +1 613 782 7902
Facsimile: +1 613 782 7713
Swift Code: BCANCAW2
Website: www.bankofcanada.ca
Currency: Canadian dollar
Banking Hours:
Monday - Thursday : 10.00am - 4.30pm
                   Friday : 10.00am - 5.00pm
 

 

The Bank is closely involved with Canada's financial markets through its activities in the foreign exchange market, its marketing and management of government securities, and its influence on interest rates via the target for the overnight rate.
 
 

Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks.
Schedule I banks
(Domestic banks)
Schedule II banks
(
Canadian banks that are subsidiaries of foreign banks)
Schedule III banks
(Foreign banks with branches in Canada)
» Bank of Montreal
» Bank of Nova Scotia (operating as "Scotiabank")
» Bank West
» Bridgewater Bank
» Canadian Imperial Bank of Commerce (CIBC)
» Canadian Tire Bank
» Canadian Western Bank
» Citizens Bank of Canada
» CS Alterna Bank
» DirectCash Bank
» Dundee Bank of Canada
» First Nations Bank of Canada
» General Bank of Canada
» HomEquity Bank
» Jameson Bank
» Laurentian Bank of Canada
» Manulife Bank of Canada
» National Bank of Canada
» Pacific & Western Bank of Canada
» President's Choice Bank
» Royal Bank of Canada
» Toronto-Dominion Bank (operating as "TD Canada Trust")
» AMEX Bank of Canada
» Bank of America Canada (in voluntary liquidation)
» Bank of China (Canada)
» Bank of Tokyo-Mitsubishi UFJ (Canada)
» Bank One Canada (in voluntary liquidation)
» BNP Paribas (Canada)
» Citco Bank Canada
» Citibank Canada
» CTC Bank of Canada
» Habib Canadian Bank
» HSBC Bank Canada
» ICICI Bank Canada
» Industrial and Commercial Bank of China (Canada)
» ING Bank of Canada
» J.P. Morgan Bank Canada
» Korea Exchange Bank of Canada
» MBNA Canada Bank
» Mega International Commercial Bank (Canada)
» Mizuho Corporate Bank (Canada)
» Shinhan Bank Canada
» Société Générale (Canada)
» State Bank of India (Canada)
» Sumitomo Mitsui Banking Corporation of Canada
» UBS Bank (Canada)
» Walmart Canada Bank
» Bank of America, N.A
» Barclays Bank
» Bank of New York Mellon
» Capital One Bank (Canada Branch)
» Citibank, N.A (Canada Branch).
» Comerica Bank
» Deutsche Bank AG
» Dexia Crédit Local S.A
» Fifth Third Bank
» First Commercial Bank
» Glitnir banki hf.
» HSBC Bank USA, N.A
» JPMorgan Chase Bank, N.A
» M&T Bank
» Maple Bank
» Mizuho Corporate Bank, Ltd., Canada Branch
» Northern Trust Company, Canada Branch
» Rabobank Nederland
» Royal Bank of Scotland N.V.
» Société Générale (Canada Branch)
» State Street Bank
» U.S. Bank N.A
» UBS AG Canada Branch
» United Overseas Bank Limited

 

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