Banking in Canada

[2] It has been considered to be one of the safest and soundest banking systems in the world, and avoided major problems in the Financial crisis of 2007–2008.

[4] More recent data published by the World Bank shows that as of 2017 Canada has 227.82 ATMs per 100,000 adults, which ranks the country third worldwide.

With the Canadian Confederation taking place in 1867, the new Dominion government gained complete control over currency and banking.

[19] Meanwhile, credit unions/caisses populaires, securities dealers and mutual funds are largely regulated by provincial governments.

This term has been used for many years to characterize these major banks, and it highlights their substantial market share and impact on Canada's economy.

The financial sector of Canada is especially concentrated in these banks, which has been seen as a result of protectionist policies of the government and the country's small and dispersed population.

D-SIBs are so important to the functioning of the financial system and the economy that they cannot be wound up under a conventional bankruptcy and liquidation process should they fail.

The Basel Committee has developed a formula for determining which banks are G-SIBs, deploying criteria including size, interconnectedness and complexity.

Of this amount, $69 billion was part of the CMHC mortgage insurance program, a facility set up in 1954 to handle such situations.

[54] Since the late 1990s,[55] dispute resolution across the sector was directed to the independent[55] Ombudsman for Banking Services and Investments (OSBI).

[56] As reported in The Globe and Mail in 2018, "[t]he Canadian Foundation for Advancement of Investor Rights (FAIR) has compared ADRBO unfavourably with OBSI," noting a statement from FAIR that they "have serious concerns about the conflicts of interest, misaligned incentives, and level of transparency and accountability at ADRBO".

[56] In 2018, John Lawford, executive director of consumer rights group the Public Interest Advocacy Centre, criticized ADRBO for not "[adhering] to the same openness principles" that OBSI brought to the table,[55] adding that customer's are likely to experience "less success with their banking complaints" at ADRBO as a result.