Schedule I Banks

Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks.

Under the Canada Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, i.e., domestic banks, even if they have foreign shareholders. There are 29 domestic banks as of February 2014. Because the Schedule I banks are not subsidiaries of any foreign bank, they are the true domestic banks and are the only banks allowed to receive, hold and enforce a special security interest described and provided for under the Bank Act and known to Canadian lawyers and bankers as the “Bank Act security”.