Why the Bank of Canada Act Needs Updating: A Lesson from the Sub-Prime Crisis
When trouble in the US housing market this past summer bubbled into problems in credit markets around the world, central banks took action. In a partially successful effort to keep those markets functioning smoothly, several central banks, including the Bank of Canada, took special steps to ensure liquidity – very short-term financing – was available to financial institutions. For the Bank of Canada, these steps included extending the list of securities it would accept as collateral when providing financing.
|Date of creation:||Dec 2007|
|Date of revision:|
|Publication status:||Published on C.D. Howe website, December 2007|
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