In accordance with the schedule of term purchase and resale agreement (PRA) auctions for private sector instruments announced on 6 March, the Bank of Canada announced today that it will conduct a 85-day term PRA operation for private sector instruments as follows.
In accordance with the schedule of term purchase and resale agreement (PRA) auctions announced on 6 March, the Bank of Canada announced today that it will conduct a 84-day term PRA operation as follows.
In accordance with the schedule of Term Loan Facility (TLF) auctions announced on 6 March, the Bank of Canada announced today that it will conduct a 30-day TLF operation as follows:
These are very challenging times. The Canadian economy is in recession. The global economy is facing a crisis of confidence, triggered by the most severe financial meltdown since the Great Depression; fanned by sharp falls in trade, manufacturing output, and financial wealth; and intensified by steep increases in unemployment.
Across the world's major economies, addressing the failures of banking ranks among the highest policy priorities. In the harsh glare of the current financial turmoil, it is clear that many banks outside of Canada were either not doing their jobs or were doing them in ways that created enormous risks.