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ATB’s new GIC now available to investors
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# z/ o8 q" ?! g6 [9 Uedmontonjournal.comSeptember 1, 2009Comments (1)" H4 L! G8 P' L4 D
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6 _8 X* H9 E9 o% iEDMONTON — 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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" x! f' I9 A4 a3 u+ pThe 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." l+ N& Y/ v* f& u
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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 $7 billion, ATB said at the time.6 Q3 i D2 K; e: L& D3 T; U
- G- t8 q. {+ Z6 v. F: |$ w9 h& YFunds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.; f0 z4 ?" q: C( ?& l) g8 a9 }
1 ^! B8 u+ |* _" I7 J. t4 Q1 d- `“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO." O. @. p- ~5 j& ?
: L3 |5 X! X5 B0 w$ P8 ^) x4 s“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.” i0 {. G# C) C0 D/ _" Z
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The GICs will be available for a limited time only. |
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