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Description found in Archives

Office of the Inspector General of Banks [textual record]. 

Series consists of

Date(s)

1870-1991

Place of creation

Canada

6.8 m of textual records.

Scope and content

Series consists of registry files of both the central registry and those kept within the office as reference files. The records were all created by the Office of the Inspector General of Banks during daily operations.

Textual records
32: Restricted by law
Archival reference no.
Former archival reference no.

Terms of use

Copyright belongs to the Crown.

Biography / Administrative history

The Inspector General is a permanent civil servant, responsible to the Minister of Finance. His responsibility is to ensure that the ten chartered banks of Canada and the two savings banks in the province of Quebec are operating in accordance with the provisions of the Bank Act, or the Quebec Savings Bank Act. The Bank Act specifies the transactions in which chartered banks may legally engage, and embodies regulations designed to ensure the proper conduct of the banks' affairs. The Inspector General has free access to the accounts of the banks, and makes his findings known in periodic reports to the Minister of Finance.

Bank returns, such as had been required by the legislation of 1856, were soon found to provide insufficient protection for the public and it became clear that some form of inspection or audit was necessary. For many years the shareholders' audit, made by independent auditors, was considered to afford the additional pro- tection required.

However, the weakness of such an arrangement became evident with the failure of the Home Bank in 1923 and a form of government inspection was put in force. A new officer of the Department of Finance was appointed and given the title of Inspector General of Banks (14-15 Geo. V, Cap. 7). He was to inspect the head offices and main branches of all the banks in Canada at irregular intervals and report thereon to the Minister of Finance. In addition a copy of all reports made by the auditors to the general manager and the directors of a bank was to be transmitted to the Minister of Finance. In 1987 the Office of the Superintendent of the Financial Institutions was created through the fusion of the Department of Insurance and the Office of the Inspector General of Banks. RG40 General Inventory

Additional information

Custodial history
This series originally had been linked erroneously to the Department of Insurance fonds. Researchers can find it in the printed inventory under old reference number RG40-B. The error has since been corrected: the series is now linked to the Department of Finance fonds.

Source of title
Title is based on the contents of the series.

Accruals
Further accruals are expected.

Government

Related control no.

1. 68/034
2. 1994-95/304 VFRC
3. 1994-95/728 GAD
4. 1996-97/664 GAD
5. 1996-97/665 GAD
6. 122-000304-2
7. 122-000728-5
8. 1996-01663-6
9. 1996-01664-4
10. RG40