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ATB’s new GIC now available to investors
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+ X) {8 l% k4 V, f; x: w8 K. xedmontonjournal.comSeptember 1, 2009Comments (1)' I o! @+ L: @+ x3 Q8 E' k
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" V/ ]+ e {* p% I3 @; ?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./ }7 v( @+ d" z( F; }& Q8 {
: g% G+ I: V4 J3 ~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.
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. x. _! p/ G( n/ B* g: lThe 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 $7 billion, ATB said at the time.: Z; B. _+ C6 R3 x# O" A2 C
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Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.. g$ Q0 Y* ]9 q8 ?$ l: c- ]
2 ^3 L( W" F3 B) m1 ~! H; N7 |: U“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO." x, ?* Q& D! N' r: b- x
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“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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+ e: |$ L: M# U% ?. O0 I2 jThe GICs will be available for a limited time only. |
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