In category II includes all

In category II includes all those foreign banks and local credit institutions, whose shareholders are limited circle of people, with one shareholder can own more than 10% of the shares. As of June 1999 in this category included 3 local and 43 foreign bank subsidiaries, such as those received Canadian banking license. The diagram 1.1. represented by the banking system in Canada. Canada's banking system is considered one of the most competitive in the world. According to the World Economic Forum rates among Canadian financial institutions (an indicator of competitiveness) - the lowest among industrialized countries. This figure is for Canada less than 2%, whereas for the United States, Canada, directly following, it is at about 4%. According to the IMF, the Canadian banking system is the most concentrated in comparison with similar systems of industrialized countries in the world: the assets of five largest banks in Canada account for 86% of the total assets of the banking industry of the country. According to the Department of Finance Canada, Canada's six largest banks account for more than 70% of all deposits and approximately 90% of all banking assets, while assets of the last 5 Canadian banks account for only 2% of total assets. Banking regulation is the prerogative of the federal government and is determined by the Banking Act, which is updated every five years. At the same time, given the diversified nature of banking services, some areas of banking activities (such as trust services, securities dealing and a few others), carried out through subsidiaries, are subject to regulation at the provincial level. In Canada, the regulation and oversight of all financial institutions involved in service managers of financial institutions (OSFI), which has the status of a federal agency. One of the challenges OSFI is to protect depositors from losses in case of unforeseen complications of the financial position of credit institutions. For this purpose, in particular, a Canadian Deposit Insurance Corporation (CDICJ). CDICJ insures customers' deposits of credit institutions which are members of the Corporation. Insured funds include savings and checking accounts, time deposits, bills of exchange and traveler's checks, and traveler's checks agencies within the CDICJ. Corporation in the amount of covered deposits up to 60,000 dollars per person in one bank. CDICJ funds generated by premiums from the membership of the Corporation. In 1997, the banks listed corporation in the form of cash contributions in the amount of $ 435 million in April 1999 introduced a new system CDICJ payment of insurance premiums based on an assessment of various risks. Under the new system the contribution is differentiated into four levels depending on the risks set Deposit Insurance Corporation. Topic: Banking systems | Tags: automated banking systems