Bank of Canada financial statement and appointments

Summary#

The Canada Gazette published two government notices on August 12, 2023. One is the Bank of Canada’s unaudited statement of financial position as at June 30, 2023, showing total assets and total liabilities of 357,506 (amounts are in millions of dollars). The other is a Privy Council Office notice inviting applications for many current Governor in Council appointment opportunities.

What it does#

• Publishes the Bank of Canada’s unaudited financial snapshot as at June 30, 2023 (amounts in millions):
  • Total assets: 357,506
  • Total liabilities: 357,506
  • Bank notes in circulation: 117,712
  • Total deposits: 224,910
  • Accumulated deficit: (4,088)
  • Total deficiency: (3,138)
  • The statement is signed by Coralia Bulhoes and Carolyn Rogers on August 2, 2023 and refers to the Bank of Canada Act.
• Announces that the Privy Council Office is taking applications for a long list of open Governor in Council positions. Examples include director and chair roles at institutions such as the Bank of Canada, Business Development Bank of Canada, and Canada Revenue Agency. Each opportunity is open for at least two weeks after posting.

Who's affected#

• People and groups watching public finances: taxpayers, journalists, researchers, and investors who follow the Bank of Canada’s balance sheet.
• Organizations tied to the central bank’s operations (for example, Payments Canada) and counterparties to the Bank.
• Canadians who might apply for federal board, commission, or oversight roles listed by the Privy Council Office—particularly candidates from underrepresented groups the government is encouraging.
• The notices are routine public information; there’s no immediate action required from most members of the public.

Why it matters#

• The financial statement gives a public snapshot of the central bank’s reported position at a moment in time. That helps with transparency and lets people see headline figures such as the (4,088) million accumulated deficit and the (3,138) million total deficiency.
• Publishing the appointment opportunities is how the government looks for people to fill important public roles. It’s a chance for qualified Canadians to apply and for the public to see what positions are open.
• The Bank’s statement is labelled unaudited, so it is a preliminary internal report rather than a final, audited set of accounts.