Archived - Long Descriptions – Evaluation of the Retail Debt Program

Chart 5
Evolution of the relative spread between the cost effective rates and rates offered on CPBs and CSBs
basis points

Campaign Mars 2008 Nov. 2008 Jan. 2008 Mars 2009 Nov. 2009 Jan. 2010 Mars 2010 Nov. 2010 Jan. 2011 Mars 2011 Nov. 2011 Nov. 2013
CSB 0 122 100 155 120 120 108 60 40 50 49 36
CPB 40 105 135 185 40 40 55 28 17 6 94 78

Chart 6 a
Evolution of CSB and CPB Rates Compared with their Respective Benchmark Yields

2009 2010 2011 2012 2013
1Y Tbill 0.5% 1.4% 0.9% 1.1% 1.1%
CSB 0.40% 0.65% 0.50% 0.50% 0.50%
1Y Median Cashable GIC 0.4% 0.75% 0.70% 0.80% 0.80%

Chart6 b
Evolution of CSB and CPB Rates Compared with their Respective Benchmark Yields

3 Y GOC bond 1.6 % 1.9 % 1.1 % 1.2 % 1.6 %
CPB 1.0 % 1.3 % 1.3 % 1.2 % 1.2 %
3Y Median Non-Redeemable GIC 1.6 % 1.6 % 1.3 % 1.4 % 1.4 %

Chart 7
millions of dollars/Bps for Unit cost

2008 2009 2010 2011 2012 2013 2014 2015
BOC Operations 6 6.4 6.5 6.7 3.5 3.6 3.6 3.7
Fonctions de la BC 42.6 36.8 36 35.8 35.5 35.9 35 34.5
of which Fixed 20.2 22.2 23 23.2 23.5 23.6 23.6 23.6
Variable 22.4 14.6 13 12.6 12 12.3 11.4 10.9
Change Management 3.7 3.2 3.7 4.1 3 3.4 2.7 2.8
MarCom 9.4 9.3 8.7 4 3.9 5.4 5.2 5
Commissions 20.1 16.8 13.4 11.6 10.2 8.8 8 7.7
Finance 0.6 0.4 0.4 0.4 0.4 0.4 0.4 0.4
Total 82.4 72.9 68.7 62.6 56.5 57.5 54.9 54.1
Unit cost 64 59 62 64 66 76 81 83

Chart 10
Payroll sales and marketing/communication expenses

2008-2009 2009-2010 2010-2011 2011-2012 2012-2013
Payroll sales (billions of dollars) 1.6 1.6 1.6 1.6 1.5
Marcomm expenses (millions of dollars) 9.4 9.3 8.7 4 3.9

Chart 10
Cash sales and marketing/communication expenses
billions of dollars

2008-2009 2009-2010 2010-2011 2011-2012 2012-2013
Cash sales (billions of dollars) 1.2 0.5 0.3 0.2 0.2
Marcom expenses (millions of dollars) 9.4 9.3 8.7 4 3.9

Chart 11
Size of retail debt as a percentage of total debt

Country Per cent
Canada 1.2%
USA 1.5%
UK 8.6%
Quebec 4.7%
Sweden 4.1%
Ontario 2.0%
Germany* 1.0%
* Prior to termination of their program in 2012

Chart 12
US Savings Bonds Outstanding and Share of Public Debt

Year Saving Bonds Outstanding (millions of dollars) Total public debt outstanding (per cent)
2008 194,253 3.3
2009 192,452 2.5
2010 188,796 2.0
2011 185,187 1.8
2012 183,661 1.6
2013 180,022 1.5
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