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    #13
    Cottonpicken,

    I am a 'cup is half full' guy, with our credit union system with 100 percent deposit Gar. we do have the best banking system. If you do not like the big 5, take your business to another financial insitution. FCC also made it through this problem with flying colours.

    "Canada's banks buck global trend, declares WSJ

    Wednesday, December 07, 2011





    The Wall Street Journal writes on how and why Canadian Banks have earned their international reputation as "the world's soundest." Toronto-Dominion (TD) is among the Canadian banks whose solid reputation has led to significant growth in the past five years: TD is the number two Bank in Canada and the number 10 bank in the US with more branches south of the border than north.

    "Toronto-Dominion Bank and Canadian Imperial Bank of Commerce posted strong fourth-quarter profits Thursday on consumer and business loan growth, benefiting from the continued economic and employment growth in Canada that has kept the housing market strong and consumer confidence stable."


    "The country's banks, which have minimal exposure to the debt-crippled peripheral European countries, have been ranked the world's soundest for four straight years by the World Economic Forum, enabling them to build through acquisitions abroad and aggressively compete for market share at home."

    read full story here
    original source Wall Street Journal"

    http://www.yongestreetmedia.ca/inthenews/canadasbanksbuckglobaltrend1207.aspx

    There is a good reason we can lock in 5 year rates at 3.5 percent interest. I call that spectacular.

    No doubt there were 'bumps' going through the 2008-09 crisis... no 'net' taxpayer bailouts is a great testament to our CDN financial stability.

    Comment


      #14
      I am way more afraid of Credit Unions for
      reasons I can not disclose and as for the 100%
      guarantee, I want to see it in writing, just like
      CDIC.

      Comment


        #15
        Tom, where can you get 3.5 for 5 years?

        Comment


          #16
          AFSC FCC are 2 I know of at 3.5%

          FCC is at 4 on farm inputs last we checked.

          Without liquidity we are all hooped!

          I think that was the reason to inject the monitization funding... forced sales to create cash makes chaos.

          Comment


            #17
            I just transfered 15 grand out of my Credit Union equity account. Had to leave 2 grand in there. They must be doing fine.

            Comment


              #18
              I'm about to transfer 30 grand INTO our Credit Union equity account. Beats the ATB rate of return.

              Comment


                #19
                Credit unions are not covered under cdic,canadian
                tire bank is.

                If credit unions have a leverage of 1:1,i.e. 1 dollar
                deposit to one dollar loans,its news to me and thats
                good,i don't their leverage ratios,if somebody does
                know fore sure,please tell us.

                This is the the most important concept to understand.

                LEVERAGE-avearge leverage ratios,i said
                average,stand around 20:1,this means 20 dollars in
                loans to 1 dollar in deposits.

                These loans are tradable assets,on the books,if the
                value of these assets declines just a few points,the
                bank is toast,if people like me sense their toast they

                A:take their money out and run(aka bank run)
                B:take the money out,short the stock,buy a credit
                default swap if somebody is stupid enough to sell one

                Thats why the banks where re capitalized,thats why
                the toxic assets/debt was taken off the banks and put
                on the taxpayers........

                Which leads to qe and paul harveys rest of the story...
                which is credit unions in vancouver.......

                Comment


                  #20
                  I should also talk simple to some.

                  Having money in a credit union is one of the dumbest
                  things you could do.

                  Comment


                    #21
                    CP:

                    "Deposits are 100% guaranteed by the Credit Union Deposit Guarantee Corporation. This means both the money you put in and the interest earned is safe and secure – up to any dollar amount.

                    "Is Credit Union Deposit Guarantee Corporation
                    part of the Alberta Government?
                    Credit Union Deposit Guarantee Corporation is a
                    Provincial corporation established under the
                    Alberta Credit Union Act. A Board of Directors
                    appointed by the Lieutenant Governor in Council
                    of Alberta administers the Credit Union Deposit
                    Guarantee Corporation.
                    Are deposits in Alberta credit unions 100%
                    guaranteed?
                    The Credit Union Deposit Guarantee Corporation
                    guarantees the repayment of all deposits with
                    Alberta credit unions, including accrued interest
                    to the date of payout. It is not affected by a credit
                    union changing its name, amalgamating or
                    entering into similar types of arrangements.

                    Does the Government of Alberta also cover
                    deposits?

                    The Credit Union Act provides that the
                    Government of Alberta will ensure that the
                    Credit Union Deposit Guarantee Corporation’s
                    obligation to depositors is carried out.

                    Is this guarantee the same as the banks’ $100,000
                    insurance?

                    This guarantee is more extensive than the banks’
                    insurance. All deposit amounts are fully
                    guaranteed and include accrued interest to the
                    date of payout.
                    Deposit amounts include
                    chequing and savings accounts, RRSP deposits,
                    RRIF deposits, TFSA deposits, foreign currency
                    deposits, and term deposits, including those with
                    terms exceeding five years."



                    Servus Credit Union's 100% guarantee covers all deposits, including accrued interest to the date of payout. The guarantee does not cover non-deposit investments, such as Common Shares, investment shares, mutual funds and self-administered RRSPs that are not deposits (e.g., shares, mutual funds).



                    The Government of Alberta ensures that the Credit Union Deposit Guarantee Corporation's obligations to depositors will be carried out.

                    In essence CP the ATB and Credit Unions have the same deposit guarentee... 100 percent.

                    How can you get it better than that?

                    Cheers!

                    Comment


                      #22
                      Borrowing from a credit union is
                      good/okay they are better than big banks,
                      treat you well and are helpful. But
                      putting money inta them is a bit risky!
                      Histroy has shown that.........

                      Comment


                        #23
                        When the tax payers of of a regional insurer say no
                        way.

                        Comment


                          #24
                          Actually i retract those thoughts,the government will
                          always step in to backstop those banks/insurance
                          corps,at the cost of the tax payers.

                          Comment

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