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This enactment continues the Federal Business Development Bank
as the Business Development Bank of Canada and streamlines and
modernizes its operations.
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The enactment
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(a) makes the Business Development Bank of Canada a
complementary lender to the private sector;
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(b) provides for the creation of a capital structure with all shares to
be owned by the Crown;
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(c) allows for the issuance of hybrid capital instruments that
constitute equity for the purpose of the Business Development Bank
of Canada's debt-to-equity ratio;
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(d) provides that the Crown does not assume any liability for the
repayment of hybrid capital instruments; and
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(e) provides that the Business Development Bank of Canada has no
capital and liability ceiling.
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