Organization Insurance

Montréal – The Autorité des marchés financiers (AMF) today released the 2006 report on trust companies and savings companies in Québec. The report shows that net earnings of savings companies, based on overall activities in Canada, increased 4.1% over the past year, from $940.9 million in 2005 to $979.0 million in 2006.

The report, which was tabled in the National Assembly today by Minister of Finance Monique Jérôme-Forget, also notes that the assets of savings companies grew by 11.3% over the past year, from $110.9 billion in 2005 to $123.4 billion in 2006.

Furthermore, according to the report, seven savings companies were conducting financial intermediation activities in Québec as at December 31, 2006. These companies held an operating permit and were registered with the AMF under the Deposit Insurance Act. These savings companies are incorporated under federal law and all but one are part of bank groups.

Lastly, with respect to savings and credit in Québec, the report notes that, in 2006, 9.4% of the deposits received were from Québec investors and that 11.9% of all mortgage loans were extended to this same group.

The 2006 report on trust companies and savings companies in Québec is available (in French only) on the AMF website.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.

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