Bank: Economic Development Bank

economic development bank: Premier Pauline Marois's Parti Quebecois government introduced a bill in the spring that would create an economic development bank for the province, offering loans and seed money for new businesses, according to CBC. Federal law forbids provinces or territories from calling development agencies or any other such institutions "banks," reserving that term for federal institutions and banks certified under the Bank Act and It's a coming war of words between Ottawa and the Quebec government that you can take to the bank. But the proposed legislation, still stuck in the national assembly, has stirred a linguistic tempest in the federal Finance Department because the new entity is to be called a "banque" or "bank" in English. 'There is a long-standing prohibition in the federal Bank Act on using the terms 'bank,' 'banker' or 'banking' and their equivalent in other languages' Briefing note for Finance Minister Jim Flaherty (www.immigrantscanada.com). As reported in the news.