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    Banks and federally chartered trust and loan companies are required to transfer to the Bank of Canada all unclaimed bank balances maintained in Canada in Canadian currency that have been inactive for a period of 10 years.

    Toward 2021

    Toward 2021

    Reviewing the Monetary Policy Framework.

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    April 9, 2018
    Release of the 2017 Bank of Canada FMI Oversight Activities Annual Report
    March 27, 2018
    Government of Canada Debt Distribution Framework Review Consultations

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    Canada’s Vertical $10 Note

    Explore and share the $10 polymer bank note featuring Viola Desmond, which begins circulating in late 2018.

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    Upcoming changes to legal tender status for older bank notes

    Find out what removing legal tender status means and which bank notes are affected.

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    Monetary Policy Report – April 2018

    The Bank’s new forecast calls for economic growth of 2.0 percent this year, 2.1 per cent in 2019 and 1.8 per cent in 2020.

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    Digital Currencies and Fintech

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    Monetary Policy Report - Press Conference (Webcasts) - April 2018

    Release of the Monetary Policy Report - Press conference by Governor Stephen S. Poloz and Senior Deputy Governor Carolyn A. Wilkins. (11:15 (ET) approx.).

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    Banking and Financial Statistics

    A compilation of banking and financial indicators, including the Bank of Canada’s assets and liabilities, credit and monetary aggregates, chartered banks data and selected financial market statistics.

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  • Lender of Last Resort

Lender of Last Resort

Read about Lender of Last Resort tools and policy consultations, and browse related policy documents and reference material.

As the ultimate provider of Canadian-dollar liquidity to the financial system, the Bank of Canada has the unique capacity to create Canadian-dollar claims on the central bank and the ability to assume the role of lender of last resort (LLR). The objective of LLR is to prevent or mitigate financial instability through the provision of liquidity support, either to individual financial entities or to financial markets more broadly.

LLR Tools

Standing Liquidity Facility

By facilitating overnight settlement in the payments system, the Standing Liquidity Facility reinforces monetary policy and facilitates the smooth functioning of the financial system.

View the policy for the Standing Liquidity Facility

View the current collateral policy for the Standing Liquidity Facility

Emergency Lending Assistance

The provision of Emergency Lending Assistance is extraordinary and is designed to provide last-resort liquidity to eligible financial institutions or financial market infrastructures that are facing serious liquidity problems.

View the policy for Emergency Lending Assistance

Extraordinary Market-Wide Liquidity Facilities

Under exceptional circumstances, the Bank can provide extraordinary liquidity on a market-wide basis through its market-wide liquidity facilities.

View the policy on market-wide liquidity facilities used for extraordinary circumstances


These tools for providing LLR liquidity are part of the Bank’s broader Framework for Market Operations and Liquidity Provision.

Policy Consultations

Consultations on the Bank of Canada Emergency Lending Policies: Summary and Responses to Comments Received

September 30, 2015

On 5 May 2015, the Bank of Canada published a consultation document entitled “Bank of Canada Emergency Lending Policies.” The consultation period ended on 4 July 2015. This page summarizes the comments received and the Bank of Canada’s responses to those comments.

Bank of Canada Emergency Lending Policies: Consultation Paper

May 5, 2015

The Bank of Canada is updating its emergency lending policies to reflect the evolution of the Canadian financial system and lessons learned globally during the 2007–09 financial crisis. This paper sets out proposed updates to the Bank of Canada’s Emergency Lending Assistance (ELA) policies and is being issued for public consultation. All comments on this consultation paper should be received by 4 July 2015.

Related Policy Documents

Rules Governing Advances to Financial Institutions

These Rules serve as policy guidelines and administrative procedures for financial institutions and financial market infrastructures seeking to obtain loans (advances) from the Bank of Canada.

Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada's Balance Sheet

October 1, 2015

This document sets out the policy governing the acquisition and management of domestic financial assets for the Bank of Canada's balance sheet. The policy does not apply to the assets of the Bank's pension trust fund and supplementary trust fund.

Reference Material

Lessons from the Use of Extraordinary Central Bank Liquidity Facilities

May 19, 2011
Stéphane Lavoie, Alex Sebastian, Virginie Traclet

The recent crisis was characterized by widespread deterioration in funding conditions, as well as impairment of the mechanism through which liquidity is normally redistributed within the financial system. Central banks responded with extraordinary measures. This article examines the provision of liquidity by central banks during the crisis as they adapted their existing facilities and introduced new ones, while encouraging a return to private markets and mitigating moral hazard. A review of this experience illustrates the importance of clear principles for intervention, a flexible operating framework, and clear communication and co-operation by central banks. By exposing the degree of interdependence of financial institutions and markets, the crisis highlighted the need for reforms aimed at improving the infrastructure supporting core funding markets and the liquidity of individual institutions.

Content Type(s): Publications, Bank of Canada Review Article
Topic(s): Financial markets, Financial stability, Lender of last resort

The Bank of Canada’s Extraordinary Liquidity Policies and Moral Hazard

June 20, 2010
Carolyn A. Wilkins, Jack Selody

Bank of Canada published a report establishing a set of principles to guide the extraordinary liquidity interventions it was making in response to the systemic shocks buffeting the Canadian financial system. These principles provided a framework for maintaining consistency between the Bank’s actions and its responsibilities as lender of last resort to the financial system, while allowing sufficient fl exibility to respond to the unique challenges of the crisis.

Content Type(s): Publications, Financial System Review Article

Bank of Canada Liquidity Actions in Response to the Financial Market Turmoil

September 11, 2009
Lorie Zorn, Carolyn A. Wilkins, Walter Engert

In response to the financial crisis of 2007-09, the Bank of Canada intervened repeatedly to stabilize the financial system and limit the repercussions of the crisis on the Canadian economy. This article reviews the extraordinary liquidity measures taken by the Bank during this period and the principles that guided the Bank's interventions. A preliminary assessment of the term liquidity facilities provided by the Bank suggests that they were an important source of liquidity support for some financial institutions and, on a broader basis, served to reduce uncertainty among market participants about the availability of liquidity, as well as helping to promote a return to well-functioning money markets.

Content Type(s): Publications, Bank of Canada Review Article
Topic(s): Financial Institutions, Financial markets, Financial stability

Financial Market Turmoil and Central Bank Intervention

June 21, 2008
Walter Engert, Jack Selody, Carolyn A. Wilkins

In this article, we consider central bank intervention to address financial market turmoil with a focus on the questions of why, when, and how a central bank might intervene. We set out a policy framework and identify appropriate central bank instruments to respond to extraordinary financial market turmoil, consistent with central bank policy goals and functions.

Content Type(s): Publications, Financial System Review Article

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