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ATB’s new GIC now available to investors) E C2 O& I) k$ J8 M
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edmontonjournal.comSeptember 1, 2009Comments (1)
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$ f( [! g' o+ Y) F; C' Q+ k* I0 mEDMONTON — 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.0 W4 \6 @# E* q% t# k- z
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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.
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4 l& _! W* q9 k7 B. hThe 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 $7 billion, ATB said at the time. H( u2 ]' X- T) @; x4 P
* k* \& ?8 Z9 M# uFunds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.0 _5 I* t" P! B2 [
z: ?$ {7 M# M( R7 ~“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.3 l2 F& q0 [, u& h$ [8 c
1 G4 |& d: @2 Q2 r* G“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.” M1 i* b6 A6 Q! {2 v3 T1 A* w
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The GICs will be available for a limited time only. |
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