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ATB’s new GIC now available to investors% |1 \* {9 w4 I; z7 u3 Z
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M0 C- F9 ?6 `9 a; s6 ^7 Medmontonjournal.comSeptember 1, 2009Comments (1)
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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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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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; G# }& v, w+ [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 $7 billion, ATB said at the time.% E4 P" m# P5 \* z2 d3 N
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Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.: T8 m u, P; j6 R: y
( S8 x% `5 p" {: o y: A6 {, z+ t“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.4 J2 h# s2 f3 W) p$ s" z1 o/ m
3 M5 p! `5 [2 z9 O& @“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”4 P) W" U& _$ @! u6 k& ]
2 T, `9 [" j+ W* K7 U4 ZThe GICs will be available for a limited time only. |
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