TORONTO, March 31, 2020 /CNW/ - The Canadian Bankers Association announced today that nine banks, including the country's six largest, have each accessed the Bank of Canada's new Standing Term Liquidity Facility (STLF). The Bank of Canada has encouraged Canadian financial institutions to use the STLF.
Bank of Montreal, Canadian Western Bank, CIBC, Equitable Bank, HSBC Bank Canada, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank Group are accessing the facility to demonstrate there is ample additional lending support for clients and to underscore the value of this facility for the market.
By borrowing from the STLF, banks of all sizes are taking responsible action to support collaborative efforts across the industry and with government and regulatory authorities to enhance the resilience of Canada's strong financial system in the context of the COVID-19 outbreak.
Canada's banking sector is strong, well-capitalized, and has substantial liquidity to support its operations and meet the needs of customers and clients.
About the Canadian Bankers Association
The Canadian Bankers Association is the voice of more than 60 domestic and foreign banks that help drive Canada's economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals. www.cba.ca.
SOURCE Canadian Bankers Association
For further information: Mathieu Labrèche, Director, Media Strategy, [email protected], 416-918-2777