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ATB’s new GIC now available to investors
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' w9 @' G; M' f9 sedmontonjournal.comSeptember 1, 2009Comments (1)! }0 Q( ]6 L9 h2 ?. b
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( g1 S7 I a% O7 c' TEDMONTON — 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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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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. Y6 x0 H5 m+ V) _% U3 i* C4 o( sThe 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 $7 billion, ATB said at the time.
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! F1 V5 t. H9 j1 q7 NFunds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.
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* O6 }3 T$ d: m% U' \& _' m“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.9 h' x: s; I9 k7 H2 m( f }
; a' K0 _7 {, @* g3 ^“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”: a8 w+ W- h3 t! X; N1 S* f3 l
# e, ?* I3 m- {7 `0 UThe GICs will be available for a limited time only. |
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