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Encyclopedia > Big Six banks

The Big Six banks are the six largest banks in Canada that dominate the domestic banking industry. The Canadian banking industry changed in the 1980s and the Big Six banks are today classified under the Schedule I category.

Schedule I banks are domestic banks that operate in Canada under government charter. The banks are widely held with no single shareholder controlling the bank. The Big Six banks are:

The term Big Five banks is used more frequently than Big Six; this custom excludes the National Bank, the smallest of the six, from the list.

All of the six chartered banks participate in the Large Value Transfer System (LVTS) together with 8 other banks (including the Bank of Canada).

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  Results from FactBites:
Canada's Banks (3108 words)
Banks account for approximately 70 per cent of the total domestic assets held by the financial services sector, which includes insurance companies, trust companies, caisses populaires, credit unions and other financial institutions.
The Bank of Canada guarantees settlement in the extremely unlikely event that more than one LVTS participant were to fail on the same business day and the sum of the exposures of failed institutions were to exceed the collateral pledged to support such positions.
Shares of Schedule I banks were required to be widely held, with no single shareholder or group of shareholders holding more than 10 per cent of any class of shares, while Schedule II banks could be owned by eligible Canadian or foreign financial institutions.
A third form is attempts by the big banks to secure a place for themselves in an industry abroad by founding their own enterprises, or in many cases merely by acquiring an interest in existing ones”...
In a § on the relation of the big banks to the cartels (253–58), the author has somewhat “spread himself” and become incoherent.
N.B. “The striving of the big banks for concentration and purposeful guidance of industry is contradictory when it is restricted to certain branches of industry and thereby results in a still greater lack of co-ordination in other branches” (271).
  More results at FactBites »



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