Word: bankes
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Dates: during 2000-2009
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...Bank of Canada's announcement last week that the domestic economy cannot continue to grow in the face of an ever deepening financial crisis comes amid predictions of staggering job losses for the fourth quarter of 2008 and a political crisis in Ottawa...
...Canada's central bank also slashed its overnight rate three quarters of a percentage point, to 1.5%, the lowest level since 1958 when John Diefenbaker was prime minister. The move is intended, in part, to prop up sinking consumer confidence and provide some much-need relief for key sectors such as forestry, mining and oil that have been particularly hard hit in recent months by a commodity bust. (See pictures of the global financial crisis...
...bank is prepared to cut rates (which remain half a percentage point above the U.S. level) further in January 2009. But will lowering interest rates put Canada on track for recovery...
...Excluding this scenario, the Canadian economy is expected to shrink 1.6% in the fourth quarter, on an annualized basis, followed by two consecutive quarters of decline, according to TD Bank Financial Group. After that conditions are expected to improve, but "it's going to be a shallow recovery," says economist Beata Caranci with TD Bank. She expects a contraction of 1.4% for all of 2009, followed by growth...
...Meanwhile Canada's major banks, which reported results for fiscal 2008 this month, continue to struggle with write-downs as a result of exposure to U.S. credit and equity markets. CIBC reported a loss of C$2.1 billion on the year, against net income of C$3.3 billion in 2007. The country's fifth-biggest bank blamed write downs to its U.S. subprime portfolio for the huge loss...