The Bank of Canada is the Central bank of Canada. It’s not a commercial bank and do not offer banking services to the public. Rather, it is responsibile for Canada’s monetary policy, bank notes, financial system, funds management.
The Bank was founded in 1934 as a privately owned corporation. In 1938, it became a Crown corporation belonging to the federal government. Since that time, the Minister of Finance has held the entire share capital issued by the Bank. Ultimately, the Bank is owned by the people of Canada.
The Bank is not a government department and conducts its activities with considerable independence compared with most other federal institutions. For example:
The Governor and Senior Deputy Governor are appointed by the Bank’s Board of Directors (with the approval of Cabinet), not by the federal government.
The Deputy Minister of Finance sits on the Board of Directors but has no vote.
The Bank submits its expenditures to its Board of Directors. Federal government departments submit theirs to the Treasury Board.
Bank employees are regulated by the Bank itself, not by federal public service agencies.
The Bank’s books are audited by external auditors appointed by Cabinet on the recommendation of the Minister of Finance, not by the Auditor General of Canada.
The principal role of Bank of Canada, as defined in the Bank of Canada Act, is “to promote the economic and financial welfare of Canada.”
The organizational structure of the bank includes:
the board of directors,
a governing council,
an executive management committee, and
a special advisor.
Apart from this, the bank has regional offices which increase cooperation between the government, educational institutes and other organizations as well.
Bank of Canada Governors:
Mark Carney (2008-Present)
David A. Dodge (2001-2008)
Gordon Thiessen (1994-2001)
John Crow (1987-1994)
Gerald Bouey (1973-1987)
Louis Rasminsky (1961-1973)
James Coyne (1955-1961)
Graham Towers (1934-1954)
Bank of Canada
234, Wellington Street Ottawa,
Ontario, K1A 0G9 CANADA
Tel: ++1-613-782 81 11
Fax: ++1-613-782 77 13
Last Updated on : 30th July 2013