Defence, Security and Resilience Bank HQ

[LeadingEdgeBoomer]

The Global Defence Bank. Montreal wants it . Toronto wants it. Ottawa wants it. Doug Ford has thrown all his support behind Toronto rather than treating the Toronto and Ottawa bids equally.

[Dengler Avenue]

https://www.westerninvestor.com/national...ke-pitches-to-host-defence-bank-11637729

I am just thinking:
B.C. is on the coast so it may be militarily vulnerable;
Quebec may see a 3rd referendum on independence so it is politically vulnerable;
Toronto sadly has all other banks near it;
Ottawa has the federal institutes around it.

It's indeed sad that our premiers have all become Toronto-centric (including Dalton McGuinty).

There seems to be no good way of fixing that.

[Truenorth00]

Originally Posted by LeadingEdgeBoomer

The Global Defence Bank. Montreal wants it . Toronto wants it. Ottawa wants it. Doug Ford has thrown all his support behind Toronto rather than treating the Toronto and Ottawa bids equally.

Ottawa was a poor candidate. Poor international connectivity to the main clients in Europe. Doesn't connect to the second largest financial centre in Europe: Frankfurt. No significant financial industry in Ottawa. Heck, our connectivity to Toronto and Montreal isn't that great either. No HSR like you would see in any major European centre. That might have actually made the case better.

Having some defence industry offices (of which a chunk are sales) isn't enough to justify putting 3500 bankers in Ottawa. A lot of the actual manufacturing is in SWO and Quebec. Most notably of things the Europeans are interested in like ammunition, vehicles and sensors.

In any event, I do think Canada is still a bit of a long shot on it. Putting the HQ of a fund that is mostly about recapitalizing European defence manufacturing in a country that has been one of the lowest spending on defence and is not in Europe, would be something.....

[J.OT13]

Originally Posted by Truenorth00

Ottawa was a poor candidate. Poor international connectivity to the main clients in Europe. Doesn't connect to the second largest financial centre in Europe: Frankfurt. No significant financial industry in Ottawa. Heck, our connectivity to Toronto and Montreal isn't that great either. No HSR like you would see in any major European centre. That might have actually made the case better.

Having some defence industry offices (of which a chunk are sales) isn't enough to justify putting 3500 bankers in Ottawa. A lot of the actual manufacturing is in SWO and Quebec. Most notably of things the Europeans are interested in like ammunition, vehicles and sensors.

In any event, I do think Canada is still a bit of a long shot on it. Putting the HQ of a fund that is mostly about recapitalizing European defence manufacturing in a country that has been one of the lowest spending on defence and is not in Europe, would be something.....

Reinstating flights to Frankfurt and adding new connections isn't too complicated. Our financial industry doesn't compare to Montreal and Toronto, but it's there. HSR is coming, but it will be years after this bank opens.

Europe does make more sense for a long list of reasons, but their proximity to Russian aggression could be enough to chose Canada.

With Carney heavily investing in defense, him being an Ottawa MP and cutting Federal jobs, I could see him back Ottawa instead of Toronto. We're still a long shot of course, but it's not impossible we get picked.

[Truenorth00]

Originally Posted by J.OT13

Reinstating flights to Frankfurt and adding new connections isn't too complicated. Our financial industry doesn't compare to Montreal and Toronto, but it's there. HSR is coming, but it will be years after this bank opens.

The "bank" (really a fund) is due to start operating in a few months. Infrastructure that is years or decades away (HSR to Toronto may open in 2040) isn't really useful. And it's not just flights to Europe. Ottawa doesn't even have a good schedule of flights to every finance, tech and defence manufacturing hub in the US.

Originally Posted by J.OT13

Europe does make more sense for a long list of reasons, but their proximity to Russian aggression could be enough to chose Canada.

I keep seeing posts like these from Canadians. And it's bizarre. Canadians are acting as though it's World War II and Europe can't sustain production. It's self-interested fiction. Russia isn't about to start bombing random offices and factories in Western Europe. Not without massive repercussions.

Originally Posted by J.OT13

With Carney heavily investing in defense, him being an Ottawa MP and cutting Federal jobs, I could see him back Ottawa instead of Toronto. We're still a long shot of course, but it's not impossible we get picked.

It's not the Olympics. Carney doesn't have to nominate the Canadian contender. Ottawa can bid without Ford's support. It's the board of the bank that determines where the bank will be based. And the board has one Canadian on it (Rick Hiller) who is intimately familiar with Ottawa and a second European banker who has worked in Toronto. I'm sure Ottawa will be given a fair hearing if it bids.

[LeadingEdgeBoomer]

Originally Posted by J.OT13

Reinstating flights to Frankfurt and adding new connections isn't too complicated. Our financial industry doesn't compare to Montreal and Toronto, but it's there. HSR is coming, but it will be years after this bank opens.

Europe does make more sense for a long list of reasons, but their proximity to Russian aggression could be enough to chose Canada.

With Carney heavily investing in defense, him being an Ottawa MP and cutting Federal jobs, I could see him back Ottawa instead of Toronto. We're still a long shot of course, but it's not impossible we get picked.

Some notes:

December 8, 2025; Ottawa–Gatineau, Canada— Today, leaders from across Canada’s Capital Region announced a major step forward in building the region’s opportunity and impact in Canada’s national and global defence innovation economy: General (Ret’d) Rick Hillier will serve as Honourary Chair of the National Defence Innovation Hub Task Force for Canada’s Capital Region. This appointment further strengthens and accelerates the execution of the Capital Region’s Defence Innovation Hub Strategy, which aims to bolster Canada’s sovereign capability, accelerate innovation, and enhance support for our Forces, our country, and our Allies.

As part of this work, the Task Force will guide the region’s official bid to host the Global Defence & Security Resilience Bank (DSRB) headquarters, a diplomatic institution that will mobilize critical capital, strengthen sovereign capability, and reinforce the resilience, security, and economic strength of allied nations. This bid directly advances Goal #8 of the Capital Region’s Defence Innovation Hub Strategy: Grow and attract the defence capital required to fuel the growth and success of entrepreneurs and companies.

In a joint written declaration, the Mayors of Ottawa and Gatineau formally invited anchor allied nations to convene the charter negotiations for the global (DSRB) here in Ottawa–Gatineau in early 2026, and expressed their commitment to hosting the headquarters of this once-in-a-generation institution.

For an institution designed to pool allied sovereign capital, leverage it up to 25X, and deploy billions into the companies, technologies, and infrastructure that safeguard our nations, proximity to embassies and NATO defence attachés isn’t an advantage. It’s a requirement.

Ottawa has 130 embassies and their are 25 NATO attaches in Ottawa.

[Truenorth00]

Originally Posted by LeadingEdgeBoomer

Ottawa has 130 embassies and their are 25 NATO attaches in Ottawa.

It's a good talking point for Ottawa. But the purpose of this bank is to fund defence industry. Proximity to defence manufacturing and finance is the main criteria. Not some diplomat from home they might talk to once a month. It's such an Ottawa thing to lead with the number of embassies and attachés instead of the number of defence manufacturing facilities in the city.

If something comes from this bid, I hope it's our politicians understanding how much their underinvestment in infrastructure and services hurts economic attractiveness. The same folks who can't get proper transit to the Carling campus are going to build quality of life for 3500 bankers? In what? A business park in Kanata?

[LeadingEdgeBoomer]

Originally Posted by Truenorth00

It's a good talking point for Ottawa. But the purpose of this bank is to fund defence industry. Proximity to defence manufacturing and finance is the main criteria. Not some diplomat from home they might talk to once a month. It's such an Ottawa thing to lead with the number of embassies and attachés instead of the number of defence manufacturing facilities in the city.

If something comes from this bid, I hope it's our politicians understanding how much their underinvestment in infrastructure and services hurts economic attractiveness. The same folks who can't get proper transit to the Carling campus are going to build quality of life for 3500 bankers? In what? A business park in Kanata?

The DSRB is not a commercial bank. It is expected to be structured along the lines of The World Bank. Countries will contribute to its pool of money and have a vote in its decisions. Some commercial banks ,both in North America,have announced that they will offer the DRSB financial and technical support. The DRSB will draw on the capital markets expertise of the participating banks and will issue AAA-rated bonds for countries to fund their defence production and procurement. It will also support defence modernisation and supply chain resilience across Europe and the Indo-Pacific region.

The World Bank has its HQ in Washington,DC, close to government and embassies. So is the IMF in Washington . Neither is situated in a financial centre such as NYC.

[Truenorth00]

Originally Posted by LeadingEdgeBoomer

The World Bank has its HQ in Washington,DC, close to government and embassies. So is the IMF in Washington . Neither is situated in a financial centre such as NYC.

The World Bank and IMF are in DC because their largest contributor and the manager of the world's reserve currency are in DC. Canada is probably not even the largest contributor to this fund. And we definitely aren't the member with the largest defence industrial base.

[LeadingEdgeBoomer]

[QUOTE=LeadingEdgeBoomer;10529126]The DSRB is not a commercial bank. It is expected to be structured along the lines of The World Bank. Countries will contribute to its pool of money and have a vote (via its embassies?)in its decisions. Some commercial banks ,both in North America,have announced that they will offer the DRSB financial and technical support. The DRSB will draw on the capital markets expertise of the participating banks and will issue AAA-rated bonds for countries to fund their defence production and procurement. It will also support defence modernisation and supply chain resilience across Europe and the Indo-Pacific region.

The World Bank has its HQ in Washington,DC, close to government and embassies. So is the IMF in Washington . Neither is situated in a financial centre such as NYC.

[LeadingEdgeBoomer]

Originally Posted by Truenorth00

The World Bank and IMF are in DC because their largest contributor and the manager of the world's reserve currency are in DC. Canada is probably not even the largest contributor to this fund. And we definitely aren't the member with the largest defence industrial base.

For sure. Europe would likely be the choice as Europe will be a larger contributor and Europe has a bigger defence manufacturing industry as well. It will probably not be in the US because of the current tensions. However, if Canada is chosen, for some reason unknown at his time, Ottawa would be a good choice to host it.

[LeadingEdgeBoomer]

Originally Posted by Truenorth00

Ottawa was a poor candidate. Poor international connectivity to the main clients in Europe. Doesn't connect to the second largest financial centre in Europe: Frankfurt. No significant financial industry in Ottawa. Heck, our connectivity to Toronto and Montreal isn't that great either. No HSR like you would see in any major European centre. That might have actually made the case better.

Having some defence industry offices (of which a chunk are sales) isn't enough to justify putting 3500 bankers in Ottawa. A lot of the actual manufacturing is in SWO and Quebec. Most notably of things the Europeans are interested in like ammunition, vehicles and sensors.

In any event, I do think Canada is still a bit of a long shot on it. Putting the HQ of a fund that is mostly about recapitalizing European defence manufacturing in a country that has been one of the lowest spending on defence and is not in Europe, would be something.....

It looks like the long shot has won and Canada will host the bank HQ. Ottawa is a long shot too---but as we have just seen underdogs can win , so let us be optimistic.

[Truenorth00]

Originally Posted by LeadingEdgeBoomer

It looks like the long shot has won and Canada will host the bank HQ. Ottawa is a long shot too---but as we have just seen underdogs can win , so let us be optimistic.

Happy Canada won. Good on Carney. Helps that the UK backed out. And helps that Canadian banks stepped up and pledged to help capitalize the initial fund.

That said I hope they don't pick Ottawa because of politics. It would be exactly like the ridiculous decision to put the research centre in Halifax (the thing that should have been in Ottawa). It doesn't help our credibility if everything is about domestic politics instead of getting work done. Ottawa is a poor choice. Ridiculous that Vancouver is even being considered. Toronto first. And Montreal second, are the most logical.

Also, as I said on the national thread, this city is utterly incompetent serving people who live and work here today. Adding several hundred highly paid Europeans and their families to the parking lot known as Ottawa is probably going to hurt our reputation more than help.

[FrostyMug]

Originally Posted by Truenorth00

Happy Canada won. Good on Carney. Helps that the UK backed out. And helps that Canadian banks stepped up and pledged to help capitalize the initial fund.

That said I hope they don't pick Ottawa because of politics. It would be exactly like the ridiculous decision to put the research centre in Halifax (the thing that should have been in Ottawa). It doesn't help our credibility if everything is about domestic politics instead of getting work done. Ottawa is a poor choice. Ridiculous that Vancouver is even being considered. Toronto first. And Montreal second, are the most logical.

Also, as I said on the national thread, this city is utterly incompetent serving people who live and work here today. Adding several hundred highly paid Europeans and their families to the parking lot known as Ottawa is probably going to hurt our reputation more than help.

Are you really suggesting that the "parking lots" known as Toronto or Montreal are any better? I can think of several reasons why Toronto or Montreal might be a better choice than Ottawa however when it comes to traffic, as bad as it currently is, it's still far better than what is experienced in either of Toronto or Montreal.

But if you want to use this project as a catalyst to grow the banking industry outside of traditional cores then Ottawa is a fine choice.

[Truenorth00]

Originally Posted by FrostyMug

Are you really suggesting that the "parking lots" known as Toronto or Montreal are any better? I can think of several reasons why Toronto or Montreal might be a better choice than Ottawa however when it comes to traffic, as bad as it currently is, it's still far better than what is experienced in either of Toronto or Montreal.

And yet the key cooperating agency for this bank is built in the middle of the Greenbelt nearly a 2 km walk from a station when it eventually opens, with a parking shortage that is making the papers. There's no point locating in a city if getting around to partners, is so crap you end up on Teams calls anyway. At least if they're in a bank tower in downtown Toronto, they'll walk and meet other bankers.

Originally Posted by FrostyMug

But if you want to use this project as a catalyst to grow the banking industry outside of traditional cores then Ottawa is a fine choice.

The goal of the institution is to finance defence industry growth. Not spread banking jobs around. If it fails to fulfill its primary purpose, it won't survive. It's the largest NATO insitution (other than flying training) that Canada has ever been given. It's highly important, it doesn't succumb to petty domestic politics.

If Ottawa wins on merits, sure. But right now, I just don't see the point. It's far from banks. It's far from all the tech and defence OEMs that Europeans are already dealing with. Has poor connectivity in the city and to other places. The only reason to come here is because of pork barrel politics.

[rocketphish]

Official announcement:

https://www.canada.ca/en/department-fina...e-bank-and-hosting-its-headquarters.html

[Kitchissippi]

Originally Posted by Truenorth00

And yet the key cooperating agency for this bank is built in the middle of the Greenbelt nearly a 2 km walk from a station when it eventually opens, with a parking shortage that is making the papers. There's no point locating in a city if getting around to partners, is so crap you end up on Teams calls anyway. At least if they're in a bank tower in downtown Toronto, they'll walk and meet other bankers.

I wouldn’t be so quick to dismiss Ottawa. Even NATO’s strategic headquarters is literally in rural Belgium outside the small city of Mons. These people won’t be taking public transit, they’ll have priority parking or get chauffeured around. I’m not sure if being around other bankers would be particularly important to them when their clients are mostly defence officials thru diplomatic channels. Ottawa has a lot of easily accessible locations that can easily be secured which can be quite appealing. It will be interesting to see where this lands.

[LeadingEdgeBoomer]

Originally Posted by Kitchissippi

I wouldn’t be so quick to dismiss Ottawa. Even NATO’s strategic headquarters is literally in rural Belgium outside the small city of Mons. These people won’t be taking public transit, they’ll have priority parking or get chauffeured around. I’m not sure if being around other bankers would be particularly important to them when their clients are mostly defence officials thru diplomatic channels. Ottawa has a lot of easily accessible locations that can easily be secured which can be quite appealing. It will be interesting to see where this lands.

yes. The clients of this bank are governments that do military purchasing. Place the institution where the clients are. The Canadian Government is in Ottawa. The representatives of nations that will be clients of the bank are stationed at the embassies and high commissions in Ottawa.

Maybe we should ask Queen Victoria to choose.

She chose a lumber town between Toronto and Montreal to be Canada's Capital. She probably would see the wisdom of putting this new establishment there as well.

P.S: Let us connect them all with high speed rail.

[Truenorth00]

Originally Posted by Kitchissippi

I wouldn’t be so quick to dismiss Ottawa. Even NATO’s strategic headquarters is literally in rural Belgium outside the small city of Mons.

A military HQ is very different than a bank. There are substantially more security concerns. Also, that site was picked in the context of the Cold War and while Europe was rebuilding.

Also, people who say this have clearly never been to DC. The Pentagon has a subway stop in its parking lot. And tons of people commute to it by subway. Oh so Ottawa to pretend this isn't important.

Originally Posted by Kitchissippi

These people won’t be taking public transit, they’ll have priority parking or get chauffeured around.

It's not just the execs. It's the support staff. It's their families.

Originally Posted by Kitchissippi

I’m not sure if being around other bankers would be particularly important to them when their clients are mostly defence officials thru diplomatic channels. Ottawa has a lot of easily accessible locations that can easily be secured which can be quite appealing. It will be interesting to see where this lands.

The people they deal with aren't diplomats. The procurement staff from participating nations are either at home or will get posted in to or co-located with the bank. That's where the "3500 employees" comes from. Most important for them is access to finance, industry and tech companies. Not so much government.

But maybe Ottawa gets lucky on politics......

[J.OT13]

I don't see Vancouver getting picked as it is further from Europe. Montreal's chances are hurt by threats of separation and laws that virtually outlaw any language that isn't French.

I believe Toronto might be ahead of the competition due to its status as a World City and the financial capital of Canada however, Ottawa's status as the capital, home of Canada's National Defense, it's proximity to the defense and tech sectors, and home to all foreign embassies in Canada, gives it significant clout. The major downfall is the lack of international flights, but that can easily be fixed.