News

The Bank of Canada today lowered its Bank Rate by ¼ of one per cent to 5 per cent. The associated operating band for overnight interest rates was similarly reduced.

I am delighted to be with you this evening to celebrate the 35th annual meeting of the Mennonite Savings and Credit Union. On this occasion, I propose to speak about the Canadian economy and monetary policy. But given this audience, I thought I might start with some remarks on the future of the Canadian financial sector - a subject that has certainly grabbed its share of headlines over the past year!

In a speech delivered today to the 35th annual meeting of the Mennonite Savings and Credit Union, Bank of Canada Governor Gordon Thiessen talked about financial sector reform, the economy, and monetary policy.

Tony Hampson made a number of outstanding contributions to Canadian public life as well as having a successful business career. Many in this audience will be familiar with the fact that for a number of years he was Chairman of the C.D. Howe Institute's Policy Analysis Committee.

The Bank of Canada today welcomed the announcement by the Canadian Payments Association that full operation of the Large Value Transfer System (LVTS) will begin on 4 February 1999.