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ATB’s new GIC now available to investors0 w- F7 k/ n# k( A( f% U- u
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edmontonjournal.comSeptember 1, 2009Comments (1)- g# o! q, Y: A4 q9 y, U
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) B i# y7 G' T" d: K: t0 @; |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.
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: v& ~8 ~& A* Z) {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.; ?4 q' t; D: [ v0 W, \- h
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The 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 $7 billion, ATB said at the time.
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Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.6 w6 p% ?8 v: D/ z9 S) p
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“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.! l% ~9 g- ]$ y+ J9 a+ n
; P2 k( {% L& L P% z“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.” S1 u6 ]8 {+ z3 G
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The GICs will be available for a limited time only. |
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