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Bank losses rise as Canadian lenders curb small business
H W Baker, vice president of the Federal Business Development Bank, explains how failing firms are moved into reserve losses. The bank booked nearly 1,200 corporate failures costing about 59 million dollars, with almost 48 million uncollectible, driving a 76 million dollar loss. A 35 million dollar jump in loss provisions is cited as no quick economic turnaround looms. A 22 percent FEDE rate and high rates blamed for slumps, with Mary Ann Corbett’s Scarborough restaurant foreclosure highlight the credit squeeze.
MENTIONED IN THIS ARTICLE
H.W. Baker
Baker’s Bank
Baker
Allan MacEachen
Ottawa
Gerald Bouey
Bank of Canada
Herb Gary
Federal Business Development Bank
Mary Ann Corbett
Scarboro
Ontario
Wooden Spoon
Corbett
FEDE