Agencies Archives - Page 4 of 5

15Jun

By Bob Ascah1 Comment

Agencies, ATB, Uncategorized

ATB Financial: how results compare

CAUTION: Writing this blog has been the most challenging undertaking since I began Albertarecessionwatch.com (now Abpolecon.ca) four years ago. Writing about a former employer and one of the "Crown jewels" of Alberta's public sector and knowing so many former colleagues still working at ATB creates a dilemma when examining critically this institution's financial condition. ATB's financial condition should be of interest to all Albertans who have a stake in the success, or failure, of this venerable institution. This post has been frustrating to write because there is so much information available on banking institutions used to compare ATB's performance. The ocean of financial information has so many layers built up over years by both internal organizational dynamics as well as exter...

1Jun

By Bob AscahNo Comments

Agencies, ATB

ATB facing headwinds (Part 1)

Directors and Politics ATB Financial will have three new directors as it charts a challenging course forward. On 13 May, Jim Davidson, Andrew S. Fraser, and J. Robert Logan were quietly appointed to ATB's board effective 16 June 2020 for three- year terms. At the same time Wendy Henkelman (a director since 2014) and Mary Ellen Neilson (director since 2017) were re-appointed. No press release has been issued to date by either ATB or the Treasury Board President and Minister of Finance, although at ATB's virtual public annual meeting, the new directors were expected to be introduced. Given the surprising absence of public disclosure, the following disclosure is a well educated guess of who these new board members are. Jim DavidsonSource: https://oilandgascouncil.com/event-speakers...

Keystone-XL, the Alberta Petroleum Marketing Commission and the Borrowers

9Apr

By Bob AscahNo Comments

Agencies, Credit Ratings, Energy, Energy, Government Finances, Opinion/Research

Keystone-XL, the Alberta Petroleum Marketing Commission and the Borrowers

At the end of March, the Alberta cabinet passed Order in Council 104/2020 which authorized the “President of Treasury Board and Minister of Finance to make advances to or purchase securities of the Alberta Petroleum Marketing Commission.” In addition, the Minister was given the authority to raise: “up to $2 000 000 000, by the issue and sale from time to time of notes, bonds, debentures or interest-bearing or non-interest-bearing treasury bills issued by the Crown in right of Alberta or any other securities under which the Crown in right of Alberta is the debtor (collectively referred to hereafter as “Government securities”) for the purpose of making advances to or purchasing securities of the Alberta Petroleum Marketing Commission in respect of the development of ...

3Apr

By Bob AscahNo Comments

Agencies, Energy, Government Finances, Opinion/Research, Politics

Politics of Alberta Growth Mandate (AGM)

Politics of the Alberta Growth Mandate In past articles, the Alberta Growth Mandate was explained as a significant policy initiative in the first NDP budget of October 2015. It should be noted that, in the fall of 2015, Alberta was reeling from significant declines in investment and job losses, and a rookie NDP government was looking for quick wins to support jobs in the Alberta economy. The policy objective was to support Alberta companies (as defined by the Alberta Investment Management Corporation (AIMCo)) and based on meeting one of the following criteria. a. Creates jobs in Alberta b. Builds new infrastructure in Alberta c. Diversifies Alberta’s economy d. Supports Alberta’s growth e. Connects Alberta’s companies to export markets f. Develops subject matter exper...

Alberta ‘Growth’ Mandate- Analysis and Opinion

22Mar

By Bob AscahNo Comments

Agencies, Budget, Government Finances, Opinion/Research, Politics

Alberta ‘Growth’ Mandate- Analysis and Opinion

While now is not necessarily the best time to be taking stock of one's investment portfolio, government and provincial agency officials, who face a March 31 fiscal year end deadline, are concerned about the impact of accounting rules that require "fair market accounting" for their investments. The performance of both bond and equity markets over the next ten days will determine whether forecasts for investment income in the provincial budget ($1.96 billion for the Heritage Fund) will actually pan out. Investment income for investment portfolios are typically composed of two types of income: (1) dividends and interest payments or cash distributions from private equity, and (2) increases or decreases of the "fair value" of the investment at year -end compared to the initial cost of bu...

29Sep

By Bob AscahNo Comments

Agencies, ATB

ATB FINANCIAL (ALBERTA TREASURY BRANCHES) TURNS 80

Happy 80th Birthday Today ATB's Rocky Mountain House branch celebrates its 80th anniversary. ATB's history page contains a picture of the branch under the title of "providing hope." The branch was located inside the Forest Services office. According to Alf Hooke's memoire 30+5 I know, I was there (Edmonton, Institute of Applied Art, 1971): "When Mr Aberhart realized that his government would not be permitted to control the credit of the province in accordance with the legislation that had already been passed and later disallowed, other means of accomplishing, at least to some degree, a measure of control of the issuance of credit were sought. The first Treasury Branch opened on September 29th, 1938 in Rocky Mountain House and on September 30th branches were opened in Andrew, Edmonton,...

3Aug

By albertarecessionwatchNo Comments

Agencies

Provincial Agency Salaries

Originally Posted 3 August 2017 Corrections made 9 August 2017 Last October AlbertaRecessionWatch.com published a listing of the top paid senior Executives in Alberta's provincial Corporation universe. As the tables demonstrated, the pay levels were dominated by individuals working in the financial services and in the energy regulatory setting. Last year, like this year, this group predominates. Since October, the Government of Alberta has made a number of changes to the pay levels of the top officials working in these agencies. (more…)

The Alberta Energy Regulator advertises (Again)

2Jun

By albertarecessionwatchNo Comments

Agencies

The Alberta Energy Regulator advertises (Again)

Alberta Electric System Operator (AESO) The following ad seeking candidates for the position of AESO board members appeared in the Edmonton Journal last week. While the ad is extremely general it should include the ability to read near- microscopic print! (more…)

17Apr

By albertarecessionwatchNo Comments

Agencies

Narrowing the playing field

Alberta Energy Regulator advertises for Hearing Commissioners In the 15 April edition of the Edmonton Journal an ad appeared seeking interested individuals to apply for a position as a Hearing Commissioner with the Alberta Energy Regulator (AER). (more…)

"Much ado about nothing"- ‘Bolton Report’

20Mar

By albertarecessionwatchNo Comments

Agencies

"Much ado about nothing"- ‘Bolton Report’

Originally published 20 March 2017 Preface This is a story about a government announcement in the early days of the Prentice administration that I took very seriously. (As it turns out I shouldn't have.) Since the Report arising from the announcement was never released, I undertook to bring it to the light of day through the access to information process. It took ten months. The tale below summarizes the background to the announcement; the enjoyable and lengthy process to receive a copy of the Report; and summary of the report; and my comments on the contents of the Report and recommendations An earlier column can be found at The Bolton Committee. (more…)