Alberta Treasury Branches

Alberta Treasury Branches, also known as ATB Financial, is a full service financial institution and crown corporation owned by the Government of Alberta. ATB is not a chartered bank, and unlike other banks operating in Canada, ATB is regulated entirely by the Government of Alberta, under the authority of the Alberta Treasury Branches Act, Chapter A-37.9, 1997, and Treasury Branches Regulation 187/97. The legislation is modeled on the statutes and regulations governing other financial institutions and other guidelines to financial institutions issued by the federal Office of the Superintendent of Financial Institutions and the Canada Deposit Insurance Corporation.

Related Topics:
Full service financial institution - Crown corporation - Government of Alberta

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ATB was created by the first Social Credit ministry under William Aberhart in 1938, after earlier attempts to place Alberta's banks under the provincial government's control were thwarted by the federal government. The first Alberta Treasury Branch was opened in Rocky Mountain House on September 29 of that year. ATB is the most significant surviving remnant of social credit economic policies in Alberta.

Related Topics:
Social Credit - William Aberhart - 1938 - Bank - Federal government - Rocky Mountain House - September 29 - Social credit - Alberta

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ATB was scandalized in the late 1980s after clients such as Peter Pocklington's Gainers Foods defaulted on loans that were often granted for political reasons. In the 1990s, the government reformed ATB with the intention of transforming it into a competitive financial institution. In October 1997, ATB formally became a provincial crown corporation. It adopted the moniker ATB Financial in January 2002.

Related Topics:
Scandal - 1980s - Peter Pocklington - Gainers Foods - Political - 1990s - 1997 - 2002

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As of 1997, ATB operates under a board of directors nominally appointed by the Lieutenant-Governor of Alberta, although in practice these appointments are done by the Premier of Alberta. As of March 31, 2005 ATB reported assets of $15.4 billion, deposits of $13.8 billion, loans of $13.1 billion, equity of $1.15 billion, and a net income $187.3 million. ATB operates in Alberta only, providing financial services to some 600,000 people. ATB has 150 branches as well as 132 agencies, serving a total of 243 communities in Alberta. Wealth management services are offered under the name ATB Investor Services. ATB has 3,400 employees. Head offices are in Edmonton, Alberta, Canada.

Related Topics:
As of 1997 - Board of directors - Lieutenant-Governor of Alberta - Premier of Alberta - March 31 - 2005 - Asset - $ - Deposit - Loan - Equity - Net income

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As of this writing, the current Progressive Conservative government under Ralph Klein is rumoured to be considering privatization of ATB. This is opposed by many of the Tories' political rivals, including a resurgent Social Credit.

Related Topics:
Progressive Conservative - Ralph Klein - Privatization - Tories'

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