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ATB’s new GIC now available to investors
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$ K/ Q6 l! {# B3 X$ i$ N$ ]edmontonjournal.comSeptember 1, 2009Comments (1), q0 t* d/ g) K4 O8 i9 e8 T0 j* `
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EDMONTON — Tuesday marked the first day investors could purchase a new GIC that ATB Financial says will help fellow Albertans and businesses hurting due to tight credit markets.- P L2 l6 c$ J
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The ATB Growth Note will be a five-year guaranteed investment certificate with a 4.25-per-cent interest rate, announced the provincial Crown corporation and Edmonton-based financial institution on Tuesday. v8 v( ~: K1 v6 T9 t
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The initiative was first revealed in July as part of a commitment by ATB to increase its lending capacity to small business to offset the effects of tight credit markets by as much as $15 billion. Changes to ATB’s notional capital requirements will increase its lending capacity by about $8 billion and the investment deposit product would raise another $7 billion, ATB said at the time.1 @- u& B2 k% B. D4 |+ e) I! Y' O3 [9 Q
. h* K1 Y! a$ x, Y9 M0 `- ^Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.) k9 j) P1 x& z
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“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.
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$ ^% \+ ]4 d' O- G% ]- M0 ]# A$ T“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”
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The GICs will be available for a limited time only. |
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