Bank of Canada

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Bank of Canada
Founded	1934
Headquarters	Ontario, Canada
Key People	Governor, Mark Carney
Products	Responsible for Canada's monetary policy, bank notes, financial system and funds management
Website	www.bank-banque-canada.ca

The Bank of Canada is Canada's central bank. The Bank of Canada's role is defined in the Bank of Canada Act.It is responsible for Canada's monetary policy, bank notes, financial system and funds management.

The Bank of Canada was founded in 1934 as a privately held corporation. In 1938, it became a Crown corporation belonging to the federal government.

Coordinated Action With Federal Reserve

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank in November of 2011 announced coordinated actions to enhance their capacity to provide liquidity support to the global financial system. The purpose of these actions was to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity.

The central banks agreed to lower the pricing on the existing temporary U.S. dollar liquidity swap arrangements by 50 basis points so that the new rate would be the U.S. dollar overnight index swap (OIS) rate plus 50 basis points. This pricing would be applied to all operations conducted from December 5, 2011. The authorization of these swap arrangements was extended to Feb. 1, 2013. In addition, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank would continue to offer three-month tenders until further notice.

As a contingency measure, the central banks agreed to establish temporary bilateral liquidity swap arrangements so that liquidity could be provided in each jurisdiction in any of their currencies should market conditions warrant the situation.

Key People

• Governor, Mark Carney