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As part of an ongoing review of collateral policy related to the Bank of Canada's Standing Liquidity Facility (SLF), the Bank is broadening the list of assets acceptable as collateral and revising its margin requirements.

The recent recession was not an ordinary downturn, and a bold response from the public and private sectors in Canada and globally is required to secure the economic recovery, Bank of Canada Governor Mark Carney said today.

From the end of 2008 to the middle of last year, Canada experienced a short, sharp recession. With the exception of government spending, all major components of aggregate demand declined, and industrial production dropped 15 per cent. Canadian exporters suffered particularly, owing to the sharp fall in the components of U.S. economic activity that matter most for Canada.

The Bank of Canada today announced the appointment of Professor Prasanna Gai as Special Adviser for 2010–11.

G-20 leaders are working towards global reforms that will put the world’s financial system on a more solid footing, Bank of Canada Governor Mark Carney said today.

Given this failure, the G-20’s agenda to reshape the global financial system is comprehensive and radical. The coming weeks and months will be pivotal to its success. The time for debate and discussion is drawing to a close. Policymakers now need to decide and to implement.

The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent.

As part of the Bank of Canada's interest rate decision on 1 June 2010, the Bank will re-establish the standard operating framework for the implementation of monetary policy.

At year-end 2009, there were 1.8 billion bank notes in circulation, with a total value of $55.5 billion – approximately $1,630 per Canadian. The Bank of Canada is not responsible for coins. Decisions on coinage rest with the federal government, in particular, the Department of Finance, and with the Royal Canadian Mint.

Further to the 9 May 2010 announcement that the Bank of Canada and the U.S. Federal Reserve have agreed to the re-establishment of the US$30 billion swap facility (reciprocal currency arrangement), the Bank of Canada and the U.S. Federal Reserve today published the text of that swap arrangement.