Retail Markets

Responsibilities

The Retail Markets division is responsible for the overall management of the retail bond programs, including the Ontario Savings Bond (OSB) program, as well as overseeing transitional issues related to the sale of the Province of Ontario Savings Office (POSO) on April 1, 2003, to Desjardins Credit Union (DCU). It also participates and assists in the research and development of new retail products and increased access to retail markets.

Results in 2003-04

The 2003 OSB campaign raised $3.8 billion, the ninth successful campaign. With the OFA’s corporate finance branch, the division established Ontario Opportunity Bonds and subsequently ran the campaign raising $323 million on behalf of OMEIFA.

In addition, the final adjustments of all costs associated with the sale of POSO were completed. DCU ultimately paid nearly $51 million for POSO.

Objectives for 2004-05

The division will proceed with the tenth annual OSB campaign in a cost-effective manner, while still maintaining competitive rates. The division will also continue working with DCU to ensure the smooth transition of the POSO sale. On behalf of the Province, the division will also continue the administration of all accounts and safety deposit boxes that were unclaimed prior to the sale date.

The government announced in the 2004 Ontario Budget that it will establish a pilot program to issue provincially guaranteed Northern Ontario Grow Bonds. The proceeds will be used to provide loans to new and growing businesses in Northern Ontario. The division will oversee the issuance of these bonds.