Bank of Canada Bank of Canada The Bank of Canada (or BoC) () is a Crown corporation and Canada's central bank. Chartered in 1934 under the "Bank of Canada Act", it is responsible for formulating Canada's monetary policy, and for the promotion of a safe, sound financial system within Canada. The Bank of Canada is the sole issuing authority of Canadian banknotes, provides banking services and money management for the government, and loans money to Canadian financial institutions. The Bank of Canada headquarters are located at the Bank of Canada Building, 234 Wellington Street in the nation's capital, Ottawa. The building also used
Bank of Canada to maintain fractional reserves with the Bank of Canada. Instead, banks are required to hold highly liquid assets such as treasury bills equal to 30 days of normal withdrawals (liquidity coverage), while leverage is primarily tied to adequate loss-absorbing capital, notably tier one (equity) capital. The Bank of Canada is structured as a Crown corporation rather than as a government department, with shares held in the name of the Minister of Finance on behalf of the government. While the Bank of Canada Act provides the Minister of Finance with the final authority on matters of monetary policy through the power