A consultation document on issues relating to the design and operation of the government's domestic debt programs for fiscal year 2004/05 and beyond, prepared jointly by the Department of Finance and the Bank of Canada, is being made public today.
The Bank of Canada announced that, effective 1 November 2003, it will no longer backdate the results of payments settling through the Automated Clearing Settlement System (ACSS), an accounting practice that has been in place since July 1986.
During the current power difficulties, the Bank of Canada in Ottawa has been operating from its back-up facility to provide essential services, such as monitoring financial markets and the critical clearing and settlement systems.
A consultation document on issues relating to the design and operation of the Real Return Bond program, prepared jointly by the Department of Finance and the Bank of Canada, is being published today.
In its Debt Management Strategy 2003/04, the government announced that the auction time for treasury bills would be moved to 10:30 a.m., on a trial basis, starting 22 April 2003.
In December 2002, officials from the Department of Finance and the Bank of Canada consulted with market participants on a number of issues related to domestic debt programs. Comments received were taken into consideration in the development of the debt strategy for 2003/04.
Canada's financial system consists of financial institutions, financial markets, and clearing and settlement systems. It is a key part of the infrastructure of our economy.
As announced in the 2003 Budget, the Government will gradually reduce the fixed-rate portion of the debt from two-thirds to 60 per cent. The reduction will begin in the upcoming fiscal year and will be implemented in an orderly and transparent manner over the next five years to maintain a well-functioning Government of Canada securities market.