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Ottawa, March 1, 1995
1995-019
Superintendent of Financial Institutions Takes Control of Income Trust Company
Income Trust Company was placed under the control of the Superintendent of Financial Institutions today. Licensed in Ontario, Alberta and Manitoba, Income Trust has three retail branches, located in Ontario. It was incorporated in 1972 and is a subsidiary of Income Trustco Corporation.
This action has been taken by the Secretary of State (International Financial Institutions), Doug Peters, pursuant to paragraph 511(3) of the Trust and Loan Companies Act and on the recommendation of the Superintendent. It was based on the need to ensure that the depositors and creditors of Income Trust are protected.
The Secretary of State has requested the Attorney General of Canada to apply to the Ontario Court (General Division) for an order to wind up Income Trust. Income Trust Company had deposits of about $210 million, most of which are covered by the Canada Deposit Insurance Corporation (CDIC). CDIC insures eligible deposits up to $60,000 per depositor. Customers of Income Trust wanting more information about their deposit insurance should call CDIC directly at 1-800-663-7418.
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For further information:
Ray LaBrosse
Financial Institutions Division
(613) 992-9214
Jackie Breithaupt
OSFI
(613) 993-0577
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| Last Updated: 2002-11-26 |
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