Contingent Term Repo Facility

Learn about the facility and its reporting, key contacts and related notices.

Facility details

The Contingent Term Repo Facility (CTRF) is the Bank of Canada’s repurchase agreement (repo) facility designed to counter severe market-wide liquidity stresses and support the stability of the Canadian financial system. The CTRF is activated and deactivated at the Bank’s discretion. It offers Canadian-dollar funding for a term of up to one month to eligible counterparties on a standing, bilateral basis against securities issued or guaranteed by the Government of Canada or a provincial government. The Bank periodically tests this facility with approved counterparties to ensure operational readiness, even when the facility is not active.1

How to participate

Prospective counterparties can the Bank for more information about the CTRF. To take part in the CTRF, prospective counterparties must submit a CTRF application to the Bank by . The Bank then reviews the application to confirm the applicant meets the eligibility requirements to become an approved counterparty. Prospective counterparties can apply at any time, regardless of the status (activated or deactivated) of the CTRF.

Once approved, the counterparty must sign the Bank’s Master Repo Agreement.

Applicants that have already been approved and onboarded as counterparties do not need to reapply when the facility is reactivated. Note that the Bank retains the right to revise its eligibility requirements and previous approvals at any time.

When the CTRF is active, approved counterparties must inform the Bank when they want to access the facility. On the business day for which they would like access, approved counterparties must send an  before 12:00 noon (ET).

For operational details, please see the full terms and conditions of this program. The Bank reserves the right to adjust the terms and conditions of the CTRF at its discretion.

Reporting

Every Friday, outstanding CTRF transactions are reported at an aggregate level on the Bank’s weekly balance sheet under “Securities purchased under resale agreements.” This line item also includes any outstanding amounts from other market operations such as the Bank’s Term Repo Program. Outstanding repo transactions are also reflected at an aggregate level in the Bank’s monthly, quarterly and annual financial statements.2

Note: For confidentiality, the names of individual participants are not published.

Key contacts