MacIntosh, Robert M.
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Some historical perspective first. Then, a review of the present situation. The lack of legislation regarding foreign banks in Canada, prior to 1967. Why banking in Canada did not follow the pattern of multinational investment so evident in most industries. The Bank Act of 1967. The failure of legislation to keep up with the real world between 1967 and the revision of 1980. Principal objective of the Government of Canada in the Bank Act revision of 1980. Features of the revised Bank Act. Foreign bank subsidiaries. Observations on the nature of the business being conducted by the foreign bank subsidiaries in Canada. The intention of the Canadian Bankers' Association (CBA) to provide the financial community and the media with consolidated data for the Schedule "B" banks. The very positive contribution to the Canadian financial community and to the Canadian economy, made by foreign bank subsidiaries. Positive factors for foreign banks operating in Canada. Benefits for Canada. The issue of reciprocity; its meaning and its extent. Contributions to the cultural and educational life of Toronto by foreign bank subsidiaries. Foreign bankers raising the statute of the profession in the nonbanking aspects of life in Toronto.