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November 17, 2016

Recent Changes to the Bank of Canada’s Emergency Lending Assistance Policy

Bank of Canada Review - Autumn 2016 Christopher Graham, Natasha Khan, Alexandra Lai
Emergency Lending Assistance (ELA) is a discretionary last-resort collateralized loan or ad-vance by the Bank of Canada to eligible financial institutions (FIs) and financial market infrastructures (FMIs) facing serious liquidity problems. In December 2015, the Bank revised its ELA policy to (i) replace the requirement for an FI’s solvency with the requirement for a credible recovery and resolution framework; (ii) include mortgages as eligible collateral; and (iii) clarify both the eligibility requirements for FMIs and provincially regulated deposit-taking FIs.
Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E5, E58, G, G0, G01, G2

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