Annex B
Sector OverviewDespite the tendency to discuss financial sector policy largely with reference to the largest domestic banks, the sector is more complex and dynamic than this would suggest. A wide range of firms of different types, regulated and unregulated, domestic and foreign, are already active in the Canadian market.
In addition to the traditional regulated financial institutions with an extensive history, Canadian consumers can increasingly turn to a small but growing number of new, unregulated financial service providers. While their share of total financial sector industry assets is still small, it can be expected that this share will grow over time.
The table below summarizes the main economic indicators for the major components of the sector.
"Canadians today can choose from a wider range of suppliers of financial services than at any other time in our history ." Task Force on the Future of the Canadian Financial Services Sector, Change, Challenge, Opportunity: Competition, Competitiveness and the Public Interest, Background Paper #1, September 1998, p. 35 (Adobe Acrobat format).
Financial Services Sector Overview, 1997
n/a means not available
No. of companies Total assets
($ millions)Capital ($ millions) Total revenue ($ millions Net income ($ millions) No. of employees Notes
Banks (includes subsidiaries) 55
1,322,085
54,699
42,124
7,954
219,977
1, 2, 3
Canadian
11
1,229,864
49,767
39,629
7,550
211,398
1, 2, 3
Foreign
44
92,221
4,932
2,494
404
8,579
1, 2, 3, 4
Trusts (excludes bank subsidiaries) 23
52,178
2,418
2,353
553
22,900
1, 3, 5
Credit unions and caisses populaires 2,315
121,100
6,825
5,905
567
61,600
3, 5, 6, 7, 9
Provincial government- owned banks 2
11,131
n/a
337
92
3,361
3, 8
Federal life insurance companies 121
279,774
28,002
59,726
2,771
60,770
1, 3, 5, 9
Canadian
54
255,826
23,629
54,213
2,386
n/a
1, 3, 9, 11
Foreign
67
23,948
4,373
5,514
385
n/a
1, 3, 9, 12
Provincial life insurance companies 26
13,920
n/a
n/a
n/a
n/a
10
Property and casualty insurance companies 216
53,014
15,513
19,110
1,866
37,055
1, 3, 5, 9
Canadian
97
37,105
n/a
13,985
1,363
n/a
1, 3, 11
Foreign
119
15,909
n/a
5,125
503
n/a
1, 3, 12
Securities dealers(includes bank subsidiaries) 187
158,200
3,526
8,478
769
32,900
13
Mutual funds 73
283,159
n/a
n/a
n/a
35,000
14
Notes:
1. Source: OSFI as at December 31,1997.
2. Number of employees is full-time equivalent.
3. Total revenue is defined as the sum of net interest income plus other income.
4. This estimate assumes that full-time equivalent employment equals 85% of total employment.
5. Source for number of employees: Task Force on the Future of the Canadian Financial Services Sector, Change, Challenge, Opportunity: Competition, Competitiveness and the Public Interest, Background Paper #1, September 1998, p. 38 (Adobe Acrobat format).
6. Sources: Credit Union Central of Canada and the annual report of Le Mouvement Desjardins.
7. Source: Statistics Canada, Catalogue no. 61-008-XPB, fourth quarter 1998.
8. Sources: annual reports of Alberta Treasury Branches and the Province of Ontario Savings Office.
9. Source for Capital: Task Force, Background Paper #1, p. 38 (Adobe Acrobat format).
10. This estimate excludes assets of SMDA Insurance Corp, for which data were not available.
11. Includes Canadian subsidiaries and foreign companies.
12. Comprised of Canadian branches of foreign companies.
13. Source: Task Force, Background Paper #, p. 38 (Adobe Acrobat format).
14. Source: Investment Funds Institute of Canada (IFIC). Number of employees was estimated by the IFIC; includes employees of bank-owned funds (also included in banks' figures).
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