The Governing Council Consists of

question 34

Multiple Choice

The Governing Council consists of

• A) the board of directors and CEOs of the largest 5 commercial banks in Canada.
• B) the board of directors and the chairman of the prime minister's council of economic advisors.
• C) the chairman of the prime minister's council of economic advisors and 4 of the 12 directors who serve on a rotating basis.
• D) the governor, senior deputy governor, and the four deputy governors.

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Definitions:

Lien

A claim against specific property to satisfy a debt.

Mortgage Insurance

Insurance that compensates a lender for losses due to a borrower’s default on a mortgage loan.

Debtor

An individual or organization that owes money to another party, typically as a result of being lent a sum of money or extended credit.

Default

Failure to pay a debt when it is due.