The Canadian Press

2008-10-23 | Bank Lending

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Finance Minister Jim Flaherty on October 23rd announced the creation of a new, temporary insurance system that federally-regulated banks could use to guarantee loans made between each other. Flaherty said the program built on the protections he already announced for Canada's banks to weather the global economic crisis. (Ottawa had agreed to buy up to 25 billion dollars of CMHC-insured mortgages from the banks to help them raise cash. But it bucked a trend that saw governments around the world increase insurance for money deposited in banks.)

Date: 2008-10-23
Placeline: OTTAWA, Ontario.
Source: The Canadian Press
Length: 27 seconds

Transcript Prediction: << specifically in response to ongoing turbulence in Global Financial markets we are creating the Canadian lenders Assurance facility that will provide insurance on the wholesale term borrowing of federally-regulated deposit-taking Institutions this temporary program will be offered to lenders on Commercial terms so that there is no expected cost to Canadian taxpayers >>


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