August 5, 1998
Edmonton, Alberta
"Both the Alberta Treasury Branches and government share a strong commitment to high standards. If there is an issue, we’ll make sure we get the facts and deal with it. Today’s announcement is an example of that commitment."
- Provincial Treasurer Stockwell Day
Provincial Treasurer Stockwell Day announced today that, as a result of information received from Alberta Treasury Branches and the Auditor General, he has asked the Auditor General and ATB to work together to review the circumstances surrounding loans to West Edmonton Mall.
The request from the Provincial Treasurer comes as a result of new information about the registration of caveats made against West Edmonton Mall. Those caveats were registered on June 26, 1998. A copy of the relevant documents is attached. The Provincial Treasurer was advised of the registration of those documents on July 28, 1998.
Decisions about any subsequent legal action will be the responsibility of ATB.
In an unrelated matter, the Provincial Treasurer also announced that he has asked CIBC Wood Gundy to review a number of issues about the changing dynamics of today’s financial marketplace and the impact of those changes on the province’s relationship with Alberta Treasury Branches. That includes issues such as the impact of mergers of some of the big banks and the highly competitive nature of the financial services business.
"This review is about changes in the marketplace and how those are likely to affect ATB in the future. I expect the information from the review will be useful to both ATB and to government as we look ahead and take steps to position ATB for the challenges it will face in the coming years," said Mr. Day.
CHRONOLOGY OF EVENTS
Background Information Documents
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For further information, please contact:
Stockwell Day
Provincial Treasurer
or
Hal Danchilla
Special Advisor to the Provincial Treasurer
Alberta Treasury
Telephone (403) 427-8809
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Updated by walkej@treas.gov.ab.ca - August 5, 1998