Senin, 16 Juni 2008

People's Bank of China

People's Bank of China

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People's Bank of China
Bank logo
Bank logo
Headquarters Beijing, People's Republic of China
Established 1948
President Zhou Xiaochuan
Central Bank of Flag of the People's Republic of China China (PRC)
Currency PRC Yuan
ISO 4217 Code CNY
Website www.pbc.gov.cn
Preceded by Central Bank of China
For other currencies named "Yuan" and their respective central banks, see Chinese Yuan.

The People's Bank of China (PBC or PBOC) (simplified Chinese: 中国人民银行; traditional Chinese: 中國人民銀行; pinyin: Zhōngguó Rénmín Yínháng) is the central bank of the People's Republic of China (not to be confused with the Bank of China or the Central Bank of China) with the power to control monetary policy and regulate financial institutions in mainland China. The Governor of the People's Bank of China is nominated by the Premier and approved by the National People's Congress, and is also member of the State Council. The current Governor is Zhou Xiaochuan.


History

The bank was established on December 1, 1948 based on the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. The headquarters was first located in Shijiazhuang, Hebei, and then moved to Beijing in 1949. Between 1949 and 1978 the PBC was the only bank in the People's Republic of China and was responsible for both central banking and commercial banking operations.

In the 1980s, as part of economic reform, the commercial banking functions of the PBC were split off into four independent but state-owned banks and in 1983, the State Council promulgated that the PBC would function as the central bank of China. Its central bank status was legally confirmed on March 18, 1995 by the 3rd Plenum of the 8th National People's Congress. In 1998, the PBC underwent a major restructuring. All provincial and local branches were abolished, and the PBC opened nine regional branches, whose boundaries did not correspond to local administrative boundaries. In 2003, the Standing Committee of the Tenth National People's Congress approved an amendment law for strengthening the role of PBC in the making and implementation of monetary policy for safeguarding the overall financial stability and provision of financial services.

Structure

List of Governors

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Bank of Canada

Bank of Canada
Banque du Canada (French)
The Bank of Canada Building in Ottawa.
The Bank of Canada Building in Ottawa.
Headquarters Ottawa, Ontario, Canada
Coordinates 45°25′15″N 75°42′11″W / 45.42088, -75.702968Coordinates: 45°25′15″N 75°42′11″W / 45.42088, -75.702968
Established 1935
Governor Mark Carney
Central Bank of Flag of Canada Canada
Currency Canadian dollar
ISO 4217 Code CAD
Base borrowing rate 3%
Website www.bankofcanada.ca

The Bank of Canada (in French: Banque du Canada) is Canada's central bank. It was created by the Bank of Canada Act of 1934, to "promote the economic and financial well-being of Canada." It is the sole issuer of banknotes in Canada, and the central bank for the Canadian dollar.

The bank's headquarters are located in the Bank of Canada Building at the corner of Wellington and Bank Streets in downtown Ottawa.

Contents

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History

For many years, Canada did not have a central bank. Each of the nation's large banks issued its own currency and there was little government regulation of the nation's money supply. The federal finance department only issued small denomination bills. The Bank of Montreal, then the nation's largest bank, acted as the government's banker. Canada, with its extensive branch banking, had a very stable banking system. There was little need for a lender of last resort and the banking system was not hit by the same seasonal liquidity problems as banks in the US. The banking system was regulated by the Canadian Bankers Association that worked in close concert with the government.

While there were some advocates for a central bank in the early part of the twentieth century, most notably farmers, the status quo remained unaltered. This changed with the onset of Great Depression. Many in Canada blamed the policies of the Canadian banks for aggravating the Depression. The money supply was contracting and deflation was common. The farmers were joined by manufacturing interests and other groups in demanding a central bank. Another major proponent was the Royal Bank of Canada, which wanted to see the government business taken away from the rival Bank of Montreal. The government also claimed it was constrained by its inability to deal directly with its foreign debts.

Prime Minister R.B. Bennett called a Royal Commission in 1933 and it reported in favour of a central bank. The bank began operations on March 11, 1935, after the passage of the Bank of Canada Act. Initially the bank was founded as a privately owned corporation in order to ensure it was free from political influence. In 1938, under Prime Minister William Lyon Mackenzie King, it became a Crown corporation, fully owned by the government with the governor appointed by Cabinet. The responsibility for creating small bills was transferred from the finance department and the private banks were ordered to remove their currency from circulation by 1949.[1]

The bank played an important role in financing Canada's war effort during World War II. After the war, the bank's role was expanded as it was mandated to encourage economic growth in Canada. The subsidiary Industrial Development Bank was formed to stimulate investment in Canadian businesses. The monetary policy of the bank was geared towards low interest rates and full employment with little concern about inflation. When inflation began to rise in the early 1960s, the governor James Coyne ordered a reduction in the money supply. Prime Minister John Diefenbaker disagreed with this move, and ordered a return to the full-employment policies. This caused a brief crisis because the bank was supposed to be an arm's length organization not under political control. Coyne resigned, and was replaced by Louis Rasminsky. The bank gradually moved to a more anti-inflation policy, and since the 1980s, keeping inflation low has been its main priority.

Roles and Responsibilities

The principal role of the Bank of Canada, as defined in the Bank of Canada Act, is "to promote the economic and financial welfare of Canada." The bank's current mission statement is:

The Bank of Canada's responsibilities focus on the goals of low and stable inflation, a safe and secure currency, financial stability, and the efficient management of government funds and public debt.

In practice, however, it has a more narrow and specific internal definition of that mandate: to keep the rate of inflation between 1% and 3%.

Since 1998, the Bank's policy has been to intervene in the foreign exchange market only under exceptional circumstances. In this sense, the Canadian dollar's value is determined by the market.

Type of Government Institution

The Bank is not a government department as it performs its activities at arm's-length from the government; it is a Crown corporation owned by the Government (shares are directly held by the Ministry of Finance). The Governor and Senior Deputy Governor are appointed by the Bank's Board of Directors. The Deputy Minister of Finance sits on the Board of Directors but does not have a vote. The Bank submits its spending to the Board of Directors, while federal departments submit their spending estimates to the Treasury Board. Its employees are regulated by the Bank and not the federal public service agencies. Its books are audited by external auditors who are appointed by Cabinet on the recommendation of the Minister of Finance, not by the Auditor General of Canada.[2]

Governor

The head of the Bank of Canada is the Governor, who is appointed by the Bank's Board of Directors. The Governor is appointed for a seven-year term, and cannot be dismissed by the government. In case of a profound disagreement between the government and the Bank, the Minister of Finance can issue written instructions for the Bank to change its policies[3]. This has never actually happened in the history of the Bank to date. In practice, the Governor sets monetary policy independently of the government.

Bank of Canada Governors

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hsbc

HSBC Bank Canada

HSBC Bank Canada
Type Subsidiary of HSBC Holdings plc
Founded 1981
Headquarters Vancouver, British Columbia, Canada
Key people Michael Geoghegan, Chairman
Lindsay Gordon, President and CEO
Industry Finance and Insurance
Products Financial Services
Employees 6,000
Website www.hsbc.ca
HSBC Bank Canada headquarters in Vancouver, Canada.
HSBC Bank Canada headquarters in Vancouver, Canada.
An HSBC Bank Canada branch in Yorkville, Toronto.
An HSBC Bank Canada branch in Yorkville, Toronto.

HSBC Bank Canada (traditional Chinese: 加拿大滙豐銀行) (TSX: HSB), formerly the Hongkong Bank of Canada, is a bank in Canada that is part of British banking giant HSBC - one of the largest banking groups in the world. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island, and is the largest foreign-owned bank in the country. Corporate headquarters are in the financial district of Vancouver, British Columbia.

History

  • 1979: The Hongkong and Shanghai Banking Corporation bought a Vancouver-based acceptance company that financed machinery and equipment for small companies operating in British Columbia.
  • 1981: The Hongkong and Shanghai Banking Corporation incorporated Hongkong Bank of Canada (HBC), in Vancouver as a chartered bank effective July 1, 1981 under the Bank Act of Canada. HBC used the acceptance company as a base for the new bank. HBC had a few retail branches primarily focused on Asian-Canadians, but the major portion of the bank's business was with commercial enterprises. HBC opened branches in major cities in western Canada and in Toronto and Montreal but growth was slow. HBC sought to grow by acquisition, but the first three attempts to buy an existing institution were unsuccessful.
  • 1986: On November 27, HBC acquired the assets of Bank of British Columbia, which had essentially failed. HBC gained $2.6 billion in assets and added 41 branches in British Columbia and Alberta. Overnight, HBC moved from the 20th largest to 9th largest bank in Canada.
  • 1988: On May 20, HBC amalgamated with Midland Bank Canada, thereby increasing assets by $472 million, gaining many new corporate banking relationships, and expanding to Eastern Canada.
  • 1990: On May 29, HBC acquired Lloyds Bank of Canada, thereby increasing assets by $4.4 billion and adding 53 branches across Canada, mostly in Ontario and Quebec. HBC’s assets after this acquisition were $10.2 billion at October 31, 1990. This merger doubled its branch network, substantially increased HBC's exposure in eastern Canada, and made it a bilingual operation with branches in eight Quebec communities. HBC became the largest foreign bank. (Lloyds Bank had acquired Continental Bank of Canada 1986. This began in 1973 as Niagara Finance Company, became IAC Limited, and then Continental Bank.)
  • 1993: on April 30, HBC acquired ANZ Canada consisting of one office in Toronto, which it merged with its 70 York Street branch. This purchase made HBC the seventh largest bank in Canada with branches in every province except Prince Edward Island. (ANZ had acquired Grindlays Bank Canada with its acquisition of Grindlays, but management was more interested in expanding in the Asia-Pacific area.)
  • 1995: On August 1, HBC acquired Metropolitan Trust Company of Canada (1 branch).
  • 1996: On August 31, HBC acquired Barclays Bank Canada. Barclays had re-entered Canada in 1979 and developed a diversified but modest range of activities. In 1985, it bought the assets of Wells Fargo Bank (Canada). Wells Fargo sold its operations in Alberta (and in Florida) to Barclays as part of a re-focusing on its home market. In 1993, Barclays Bank Canada closed its Edmonton branch. In 1994, Barclays closed six branches (Vancouver, Calgary, Winnipeg, London, Montreal and Halifax), retaining only its head office. Barclays' Canadian operations lost approximately $120-million between 1992 and 1996. HBC acquires the Seattle, Washington and Portland, Oregon branches of HSBC. The growing north-south trade occasioned by the adoption of the North American Free Trade Agreement (NAFTA) in 1994 made this move into the United States seem a natural expansion along with the business interests of many of the bank's customers.
  • 1998: On May 1, HBC acquired National Westminster Bank of Canada, which had assets of C$844.5 million. Nat West had entered Canada in 1982.
  • 1999: On June 21, HBC changed its name to HSBC Bank Canada, consistent with the HSBC Group's strategy of creating the global brand, HSBC. On December 3, it acquired Prenor Trust Company of Canada.
  • 2000: HSBC Bank Canada acquired Republic National Bank of New York (Canada) after HSBC acquired the parent bank. Republic had entered Canada in 1982. Bank Leumi Le Israel (Canada) was taken over by Republic in 1993.) In 1994, Israel-based Bank Hapoalim (Canada) sold its operations to Republic. In 1996, Republic bought Israel Discount Bank of Canada's operations.
  • 2001: On April 1, HSBC (Canada) acquired CCF Canada after HSBC acquired CCF Canada's parent company, CCF. CCF had just acquired Crédit Lyonnais Canada. Credit Commercial de France (Canada) had entered Canada in 1982 when it established an office in Montreal. It was acquired by Societe Generale (Canada) in 1990. CCF had returned to Canada in 2000.
  • 2002: HSBC Holdings merged its Canadian and US operations to create a North American transnational bank. HSBC Bank USA of New York, with assets of US$87 billion, and HSBC Canada, with assets of C$34 billion, share some operating resources but remain separate units.
  • 2004: HSBC Bank Canada acquired Intesa Bank's Canadian unit, which had 11 branches and total assets of C$1.1 billion when the transaction was completed on June 1, 2004.
  • 2007: In 2007, HSBC Bank Canada was named one of Canada's Top 100 Employers, as published in Maclean's magazine, one of only two banks in Canada to receive this honour.[1]

Divisions

Operating divisions of HBC:

  • HSBC Investments (Canada)
  • HSBC Capital (Canada)
  • HSBC Trust Company (Canada)
  • HSBC Securities (Canada), which includes a discount brokerage division called HSBC InvestDirect
  • HSBC Insurance Agency (Canada)

Executives

  • Lindsay Gordon, president and chief executive officer
  • Richard McHowat - chief operating officer
  • Jeff Dowle, executive vice president
  • Brad Meredith, executive vice president, corporate, investment banking and markets
  • Tracy Redies, executive vice president
  • Jon Hountalas, executive vice president
  • Graham McIsaac, chief financial officer
  • Bob Anthony, chief credit officer

Sponsorships

Membership

HSBC Canada is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:


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