alberta’ s public bank: how atb can help shape the new economy Bob Ascah and Mark Anielski This report was published by Parkland Institute August 2018 © All rights reserved. About the Authors ii About Parkland Institute iii Executive Summary 1 Introduction 7 1. What is ATB? 8 2. A Short History of ATB 9 Political Lending 11 ATB Expands 13 The WEM Scandal 14 CONTENTS Rebuild or Privatize? 16 The WEM Scandal Continues 18 Lessons 21 The Possibility of Privatization 22 3. Public Banking 24 4. How Banks Create Money 29 5. ATB and Financial Powers 32 6. Policy Ideas and Conclusion 35 Endnotes 41 Select Bibliography 55 Figures All Parkland Institute reports are available free of Table 1 Terms of Superintendent/President and CEO of ATB 11 charge at parklandinstitute.ca. Printed copies can be ordered for $10. Chart 1 ATB Loans and Chartered Banks’ Alberta Business Loans, 1980–1990 14 Your financial support helps us to continue to Table 2 Comparison of Private Banks, Public Banks, Credit Unions, 24 offer our publications free online. and ATB Financial To find out how you can support Parkland Institute, to order printed copies, or to obtain Table 3 Comparison of ATB Financial, Servus Credit Union, and Bank 26 rights to copy this report, please contact us: of North Dakota Parkland Institute Table 4 Comparison of the Canadian Retail Operations of Canada’s Five 27 University of Alberta 1-12 Humanities Centre Largest Banks with ATB Financial, Servus Credit Union, and Bank Edmonton, AB T6G 2E5 of North Dakota Phone: 780.492.8558 Fax: 780.492.8738 Email:
[email protected] parklandinstitute.ca ISBN: 978-1-894949-60-6 i Parkland Institute • August 2018 about the authors Robert L.