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Articles 1291 - 1320 of 19608

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Canada: Provincial Money Market Purchase Program, Lily S. Engbith Jul 2022

Canada: Provincial Money Market Purchase Program, Lily S. Engbith

Journal of Financial Crises

In response to the COVID-19 crisis in early 2020, the Bank of Canada (BoC) enacted wide-ranging measures to support the flow of credit to individuals, firms, and municipalities. On March 24, 2020, the BoC established the Provincial Money Market Purchase Program (PMMPP) to address liquidity strains in provincial funding markets. The BoC initially committed to purchasing up to 40% of each offering of directly issued provincial money market securities with terms of 12 months or less, including provincial treasury bills and short-term promissory notes. All Canadian provinces were eligible for participation in the program. The program's utilization peaked at 7.6 …


Canada: Corporate Bond Purchase Program, Sharon M. Nunn Jul 2022

Canada: Corporate Bond Purchase Program, Sharon M. Nunn

Journal of Financial Crises

The Bank of Canada (BoC) activated its Corporate Bond Purchase Program (CBPP) from May 26, 2020, to May 26, 2021, in response to liquidity strains in corporate bond markets that stemmed from economic uncertainty and the COVID-19 pandemic. Policymakers enacted the CBPP as part of a broader suite of policies meant to stabilize the Canadian economy. Through the CBPP, the BoC purchased Canadian corporate bonds through a tender process on the secondary market. The CBPP could hold up to CAD 10 billion (USD 7.7 billion) par value of eligible bonds issued by specific non-deposit-taking firms incorporated in Canada. The bonds …


Canada: Commercial Paper Purchase Program, Lily S. Engbith Jul 2022

Canada: Commercial Paper Purchase Program, Lily S. Engbith

Journal of Financial Crises

In response to the onset of the COVID-19 crisis in early 2020, the Bank of Canada (BoC) enacted a wide-ranging program of monetary measures intended to support the flow of credit to individuals, firms, and municipalities. On March 27, 2020, the BoC announced the establishment of the Commercial Paper Purchase Program (CPPP), a liquidity facility designed to purchase highly rated commercial paper (CP), including asset-backed CP, from Canadian incorporated firms, municipalities, and provincial agencies. The BoC funded the program using settlement balances, and it retained several private firms to manage the asset purchases and liaise with issuers. Although firms took …


United States: Term Auction Facility, Corey N. Runkel, Anshu Chen Jul 2022

United States: Term Auction Facility, Corey N. Runkel, Anshu Chen

Journal of Financial Crises

Following the announcement on August 9, 2007, by BNP Paribas that it was suspending redemptions for three of its open-end investment funds that had invested heavily in mortgage-backed securities, liquidity in the American interbank and short-term funding markets tightened considerably. On August 17, the Federal Reserve lowered the cost of borrowing from the discount window. However, usage remained low, due largely to the perception that such borrowing implied weak financials. In December, the Fed launched the Term Auction Facility (TAF), which used single-rate auctions to mitigate this stigma. The TAF offered discount-window credit of 28 days, and later, 84 days. …


United Kingdom: Bank Of England Lending During The Panic Of 1866, Sean Fulmer Jul 2022

United Kingdom: Bank Of England Lending During The Panic Of 1866, Sean Fulmer

Journal of Financial Crises

In 1866, the largest discount house in London, Overend-Gurney, teetered on the verge of insolvency as a result of extensive loan losses. It appealed to the Bank of England, then a privately held joint-stock bank with a monopoly over note issuance, but the Bank refused to help Overend-Gurney on the grounds that it was insolvent. When Overend-Gurney suspended payments, a massive bank run spread throughout London, with observers remarking that an “earthquake” had torn through the City. Panicked bankers flooded to the Bank of England’s discount window, where the Bank fulfilled any “legitimate request for assistance.” Fulfillment came in two …


European Central Bank: Term Refinancing Operations, Corey N. Runkel Jul 2022

European Central Bank: Term Refinancing Operations, Corey N. Runkel

Journal of Financial Crises

During the Global Financial Crisis (GFC), the European Central Bank (ECB) expanded the frequency, maturities, size, and set of eligible collateral for several of its standing term refinancing operations (TROs). Changes started in August 2007, when the European interbank market tightened, and the ECB supplemented its monthly longer-term refinancing operations (LTROs) with another three-month-maturity tender each month. Another encounter with market turbulence in March 2008 brought six-month LTROs. The largest expansion came after the collapse of Lehman Brothers in September 2008: the ECB enlarged its set of eligible collateral, added 12-month LTROs, and added special-term refinancing operations (STROs) that matured …


European Central Bank: Fine-Tuning Operations, Corey N. Runkel Jul 2022

European Central Bank: Fine-Tuning Operations, Corey N. Runkel

Journal of Financial Crises

Credit in the European interbank market tightened in August 2007 as banks sustained losses in mortgage-backed securities markets. On August 9, the European Central Bank (ECB) announced a EUR 95 billion fine-tuning operation (FTO). The Eurosystem continued providing FTOs carrying overnight maturities through the next three business days. Two more bouts of interbank funding stress—in March and September 2008—caused the ECB to deploy more FTOs. The ECB provided liquidity through 12 emergency, overnight FTOs, all but one at least EUR 25 billion in size. All operations, except the first and last, used variable-rate, fixed-allotment auctions. The first and last operations …


Canada: Contingent Term Repo Facility, Sharon M. Nunn Jul 2022

Canada: Contingent Term Repo Facility, Sharon M. Nunn

Journal of Financial Crises

The Bank of Canada (BoC) activated its Contingent Term Repo Facility (CTRF) from April 2020 to April 2021 in response to liquidity strains in markets that stemmed from economic uncertainty and the COVID-19 pandemic. The facility complemented other BoC liquidity facilities by broadening access to the central bank’s repurchase (repo) operations beyond primary dealers and their affiliates, to large asset managers active in Canadian dollar money markets or fixed income markets. The CTRF offered one-month term funding to eligible counterparties on a bilateral basis against securities issued or guaranteed by the government of Canada or a provincial government. In the …


Taiwan (Roc): Central Deposit Insurance Corporation, Lily S. Engbith Jul 2022

Taiwan (Roc): Central Deposit Insurance Corporation, Lily S. Engbith

Journal of Financial Crises

In September 2008, the failure of a large Taiwanese bank led depositors to shift billions of dollars from private banks to state-owned banks. To stem the runs, the government on October 7 invoked its authority under Articles 28 and 29 of the Deposit Insurance Act to announce a temporary, unlimited guarantee on all deposit accounts of institutions covered by the Central Deposit Insurance Corporation (CDIC). In addition to removing the previous TWD 3 million (USD 90,000) cap per depositor, the expanded coverage included several types of deposit accounts that had not been previously insured by the CDIC. As the CDIC’s …


New Zealand: Crown Retail Deposit Guarantee Scheme, Ezekiel Vergara Jul 2022

New Zealand: Crown Retail Deposit Guarantee Scheme, Ezekiel Vergara

Journal of Financial Crises

The collapse of Lehman Brothers in 2008 led to a global financial crisis. Leaders of the G-7 countries agreed on October 10, 2008, to five principles for addressing the crisis, including the need for sound deposit insurance. On October 12, Australia’s prime minister announced a deposit insurance program that his government had first publicly vetted in June. Anticipating Australia’s announcement, New Zealand’s prime minister announced its own deposit guarantee scheme on the same afternoon. The government launched the Crown Retail Deposit Guarantee Scheme (the Scheme) “to ensure ongoing retail depositor confidence in New Zealand’s financial system, given turbulence in the …


Yes Bank In Final Stages To Close $1 Billion Fundraise From Carlyle, Advent Post Arc Deal, Moneycontrol News Jul 2022

Yes Bank In Final Stages To Close $1 Billion Fundraise From Carlyle, Advent Post Arc Deal, Moneycontrol News

Documents

No abstract provided.


United Kingdom: Financial Services Compensation Scheme, Ezekiel Vergara Jul 2022

United Kingdom: Financial Services Compensation Scheme, Ezekiel Vergara

Documents

No abstract provided.


The Court Of Auditors' Audit Report On The Management Of Novo Banco Confirms Options That Are Harming The Country In Billions Of Euros, Portuguese Communist Party Jul 2022

The Court Of Auditors' Audit Report On The Management Of Novo Banco Confirms Options That Are Harming The Country In Billions Of Euros, Portuguese Communist Party

Documents

No abstract provided.


Novo Banco: Government And Bank Of Portugal "Did Not Safeguard Public Interest", Natasha Donn Jul 2022

Novo Banco: Government And Bank Of Portugal "Did Not Safeguard Public Interest", Natasha Donn

Documents

No abstract provided.


Commentary: How To Limit The Risks To Financial Stability Posed By The Federal Home Loan Bank System, Daniel K. Tarullo Jul 2022

Commentary: How To Limit The Risks To Financial Stability Posed By The Federal Home Loan Bank System, Daniel K. Tarullo

Documents

No abstract provided.


Documentation On Monetary Policy Instruments And Procedures, Central Bank Of Ireland Jul 2022

Documentation On Monetary Policy Instruments And Procedures, Central Bank Of Ireland

Documents

No abstract provided.


Deloitte Concludes That Novo Banco Failed In Its Search For Debtors' Assets, Sara Ribiero Jul 2022

Deloitte Concludes That Novo Banco Failed In Its Search For Debtors' Assets, Sara Ribiero

Documents

No abstract provided.


Enhanced Currency Swap Agreement Signed Between Pboc, Hkma, People's Bank Of China: The State Council Jul 2022

Enhanced Currency Swap Agreement Signed Between Pboc, Hkma, People's Bank Of China: The State Council

Documents

Other Relevant Crises: Global Financial Crisis (2007-2009)


Nancai Quick Review: An Important Step In Currency Standing Swap - 21 Finance, Cao Yubo Jul 2022

Nancai Quick Review: An Important Step In Currency Standing Swap - 21 Finance, Cao Yubo

Documents

Other Relevant Crises: European Sovereign Debt Crisis (2008 - 2012) and COVID-19 Pandemic ( 2020- Present)


Enhanced Currency Swap Agreement Between People's Bank Of China And Hong Kong Monetary Authority (7/4/2022), Hong Kong Monetary Authority Jul 2022

Enhanced Currency Swap Agreement Between People's Bank Of China And Hong Kong Monetary Authority (7/4/2022), Hong Kong Monetary Authority

Documents

Other Relevant Crises: Global Financial Crisis ( 2007-2009) and European Sovereign Debt Crisis (2008 - 2012).


Lessons Learned: Scott G. Alvarez, Esq., Part 2, Steven Kelly Jul 2022

Lessons Learned: Scott G. Alvarez, Esq., Part 2, Steven Kelly

Documents

Recommended Citation: Kelly, Steven (2022) "Lessons Learned: Scott G. Alvarez, Esq., Part 2," Journal of Financial Crises: Vol. 4 : Iss. 2, 2022-2026.


Lessons Learned: Michael Silva, Mercedes Cardona Jul 2022

Lessons Learned: Michael Silva, Mercedes Cardona

Documents

Recommended Citation: Cardona, Mercedes (2022) "Lessons Learned: Michael Silva," Journal of Financial Crises: Vol. 4 : Iss. 2, 2031-2035.


Lessons Learned: David Wilcox, Mercedes Cardona Jul 2022

Lessons Learned: David Wilcox, Mercedes Cardona

Documents

Recommended Citation: Cardona, Mercedes (2022) "Lessons Learned: David Wilcox," Journal of Financial Crises: Vol. 4 : Iss. 2, 2042-2045.


Lessons Learned: Mark Van Der Weide, Matthew A. Lieber Jul 2022

Lessons Learned: Mark Van Der Weide, Matthew A. Lieber

Documents

Recommended Citation: Lieber, Matthew A. (2022) "Lessons Learned: Mark Van Der Weide," Journal of Financial Crises: Vol. 4 : Iss. 2, 2036-2041.


Lessons Learned: Zeti Akhtar Aziz, Maryann Haggerty Jul 2022

Lessons Learned: Zeti Akhtar Aziz, Maryann Haggerty

Documents

Recommended Citation: Haggerty, Maryann (2022) "Lessons Learned: Zeti Akhtar Aziz," Journal of Financial Crises: Vol. 4 : Iss. 2, 2046-2050.


Lessons Learned: Brooksley Born, Maryann Haggerty Jul 2022

Lessons Learned: Brooksley Born, Maryann Haggerty

Documents

Recommended Citation: Haggerty, Maryann (2022) "Lessons Learned: Brooksley Born," Journal of Financial Crises: Vol. 4 : Iss. 2, 2027-2030.


Monetary And Capital Markets Department: Technical Assistance Handbook - Reserve Requirements, Guido Della Valle, Darryl King, Romain Veyrune Jul 2022

Monetary And Capital Markets Department: Technical Assistance Handbook - Reserve Requirements, Guido Della Valle, Darryl King, Romain Veyrune

Documents

Book chapter from "Monetary and Capital Markets Department: Technical Assistance Handbook" which discusses the use of reserve requirements as a policy tool.


Chiang Mai Initiative Multilateralization Faq, Philippines: Bangko Sentral Ng Pilipinas Jul 2022

Chiang Mai Initiative Multilateralization Faq, Philippines: Bangko Sentral Ng Pilipinas

Documents

No abstract provided.


Jumpstarting An International Currency, Saleem Bahaj, Ricardo Reis Jul 2022

Jumpstarting An International Currency, Saleem Bahaj, Ricardo Reis

Documents

No abstract provided.


Ireland Technical Note On Financial Safety Nets And Crisis Management, International Monetary Fund (Imf) Jul 2022

Ireland Technical Note On Financial Safety Nets And Crisis Management, International Monetary Fund (Imf)

Documents

No abstract provided.