Bank of Canada actions to support the economy and financial system

Monetary policy:

• Lowered the target for the overnight rate by a cumulative 150 basis points to the effective lower bound of 0.25 percent

Support for the functioning of key financial markets:

• Launched Bankers’ Acceptance Purchase Facility

• Introduced program to purchase Canada Mortgage Bonds in the secondary market

• Introduced Provincial Money Market Purchase program

• Introduced Commercial Paper Purchase Program

• Launched program to purchase Government of Canada securities in the secondary market

• Enhanced term repo operations

• Activated Contingent Term Repo Facility Liquidity support for individual financial institutions:

• Coordinated with international policy-makers for U.S.-dollar liquidity and announced that a U.S.dollar term repo facility would be made available on a contingency basis

• Launched Standing Term Liquidity Facility