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Email this4:37 am
June 29, 2013
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I note that OSB 2016 are now on sale. I don't know why anyone would buy them.
http://www.ontariosavingsbonds.....s2016.html
8:05 am
September 11, 2013
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I don't know, though maybe many people have been led to believe that government debt is more "ethical" and also is safer than debt issued by corporations.
3:06 pm
October 21, 2013
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As an Ontario taxpayer, if they can get people to buy them, then I guess I have to think it's good management on the part of the government, even though I wouldn't touch them as an investment.
5:57 pm
June 29, 2013
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Loonie said
As an Ontario taxpayer, if they can get people to buy them, then I guess I have to think it's good management on the part of the government, even though I wouldn't touch them as an investment.
Good point - and as well the banks demonstrate good management as sales agents for OSBs, marketing/selling them to bank customers - the bank gets good sales commissions from ONT which helps the bottom line of the banks (which I am fine with as a bank shareholder).
7:37 pm
October 21, 2013
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Brian said
Loonie said
As an Ontario taxpayer, if they can get people to buy them, then I guess I have to think it's good management on the part of the government, even though I wouldn't touch them as an investment.
Good point - and as well the banks demonstrate good management as sales agents for OSBs, marketing/selling them to bank customers - the bank gets good sales commissions from ONT which helps the bottom line of the banks (which I am fine with as a bank shareholder).
I think that shows us, again, that the banks may not be a great place to get your investment advice. They need to unload this on somebody, so the motivation is there to recommend it.
The province really ought to bring back the Province of Ontario Savings Offices, which functioned quite well as a bank when they existed and, as far as I remember, always offered superior returns on accounts. Roughly parallel to Alberta Treasury Bank, I think.
They weren't well advertised, it wasn't an extensive network, and most people didn't seem aware of them. Instead of improving it, they dropped it.
7:58 pm
April 6, 2013
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Loonie said
…
The province really ought to bring back the Province of Ontario Savings Offices, which functioned quite well as a bank when they existed and, as far as I remember, always offered superior returns on accounts. Roughly parallel to Alberta Treasury Bank, I think.
They weren't well advertised, it wasn't an extensive network, and most people didn't seem aware of them. Instead of improving it, they dropped it.
The Province of Ontario Savings Office does live on through the Meridian Credit Union.
This is from the April 2011 announcement Meridian Members and Desjardins Credit Union Delegates Vote In Favour of Amalgamation:
TORONTO (April 28, 2011) – Meridian Members and Delegates of Desjardins Credit Union have voted in favour of amalgamating their respective organizations under the Meridian banner.
…
The amalgamation is scheduled to become effective as of June 1, 2011 and will reinforce Meridian’s position as the largest credit union in Ontario with 263,000 Members and $8 billion in assets under management.
…
About Desjardins Credit UnionDesjardins Credit Union is an Ontario-based financial service co-operative, owned by its members with $1.3 billion in assets under administration. It was founded in 2003 when it acquired the Province of Ontario Savings Office. While the creation of Desjardins Credit Union and the acquisition was funded by Desjardins Group of Quebec, Desjardins Credit Union is a separate and autonomous Ontario co-operative. ….
8:30 pm
October 21, 2013
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Interesting. I didn't know that's what they did with it. I liked POSO better than I like Meridian.
7:59 am
June 29, 2013
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Loonie said
I think that shows us, again, that the banks may not be a great place to get your investment advice. They need to unload this on somebody, so the motivation is there to recommend it.
"unload"? - Don't blame the banks necessarily - probably the majority of customers today already had decided on their own to buy GICs or OSBs before going into the bank - it is not the bank who "made them do it" - (i.e. "unloaded" OSBs on customers).
Same as going to a restaurant and ordering the most unhealthy food on the menu - it is up to each of us to take responsibility for making such decisions - don't blame the restaurant. Same as drinking - don't blame the LCBO because you are an alcoholic. If you don't like the advice from a bank, don't understand it, or are unsure, then don't take it.
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