Bank of Canada
The Bank of Canada is the nation's central bank. We are not a commercial bank and do not offer banking services to the public. Rather, we have responsibilities for Canada's monetary policy, bank notes, financial system, funds management and retail debt. Our principal role, as defined in the Bank of Canada Act, is "to promote the economic and financial welfare of Canada."
A special type of Crown corporation
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:
See also HSBC Canada, Bank of UK.
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