Chronology of Crisis Response Measures

• November 5, 2009

  Changes to Policy Regarding the Non-Mortgage Loan Portfolio as Collateral for the Bank of Canada's Standing Liquidity Facility (SLF)

  Given improved conditions in funding markets, the Bank of Canada is announcing that, starting 2 February 2010, its temporary measure of allowing Large Value Transfer System (LVTS) participants to assign their non-mortgage loan portfolios as eligible collateral for LVTS and Standing Liquidity Facility (SLF) purposes will be gradually reduced from 100 per cent to 20 per cent of each participant's total pledged collateral.

  Content Type(s): Press, Market notices
• September 22, 2009

  Reflecting the continued improvement in market conditions, the Bank of Canada announces changes to its Temporary Liquidity Facilities

  Reflecting the improved conditions in funding markets, as evidenced by lower market-based funding costs and the lack of coverage in recent auctions for temporary liquidity facilities, the Bank of Canada is announcing that the following facilities will expire at the end of October 2009.

  Content Type(s): Press, Market notices
• June 25, 2009

  Bank of Canada Announces Extension of Expanded Swap Facility with U.S. Federal Reserve

  The temporary reciprocal currency arrangements (swap lines) between the U.S. Federal Reserve and other central banks have been extended to 1 February 2010.

  Content Type(s): Press, Market notices
• June 25, 2009

  Bank of Canada Announces Extension of Temporary Liquidity Facilities

  The Bank of Canada is announcing extensions to its temporary liquidity facilities.

  Content Type(s): Press, Market notices
• April 21, 2009

  Operating Framework for the Implementation of Monetary Policy at the Effective Lower Bound for the Overnight Interest Rate

  The Bank is setting an effective lower bound (ELB) of 25 basis points on the overnight interest rate in order to preserve the effective functioning of markets in a low interest rate environment.
• April 21, 2009

  Bank of Canada lowers overnight rate target by 1/4 percentage point to 1/4 per cent and, conditional on the inflation outlook, commits to hold current policy rate until the end of the second quarter of 2010

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of a percentage point to 1/4 per cent, which the Bank judges to be the effective lower bound for that rate.

  Content Type(s): Press, Press releases
• February 23, 2009

  Bank of Canada Announces New Term PRA Facility for Private Sector Instruments

  As part of its provision of liquidity to support the efficient functioning of the market for private-sector securities.

  Content Type(s): Press, Market notices
• February 3, 2009

  Bank of Canada Announces Extension of Expanded Swap Facility with U.S. Federal Reserve

  To address continued pressures in global U.S. dollar funding markets, the temporary reciprocal currency arrangements (swap lines) between the Federal Reserve and other central banks have been extended to 30 October 2009.

  Content Type(s): Press, Market notices
• November 12, 2008

  Bank of Canada Introduces Further Measure to Provide Liquidity to the Canadian Financial System

  Consistent with its commitments under the G7 Plan of Action, the Bank of Canada announced on 14 October measures to provide exceptional liquidity to the Canadian financial system. Further to these measures, the Bank today announced plans for a Canadian Dollar Term Loan Facility (TLF).

  Content Type(s): Press, Market notices
• October 14, 2008

  As Part of the G7 Action Plan, Bank of Canada Introduces New Measures to Provide Liquidity to the Canadian Financial System

  The Bank of Canada strongly welcomes the decisive actions announced today by the U.S. authorities. These significant and timely measures are part of the implementation of the G7 Action Plan agreed last Friday.

  Content Type(s): Press, Market notices