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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

19 March 2020

CIBC considers the BoC’s measures vital for credit markets

According to a CIBC strategist, the central bank’s support to banks aimed at ensuring they can lend during the coronavirus crisis is effective.

“The strength of the measures implemented is caused by the fact that we have yet to see the real challenges for our funding markets,” – noted Ian Pollick from CIBC. “The Bank of Canada has learned the 2008 lesson, that’s why this time it’s getting ahead and making bold decisions that have proven to be very effective in such conditions.”

On Monday, the government and the BoC said they planned to buy billions of mortgages and mortgage-backed securities in order to inject liquidity into the national financial system.

Such steps are included into a package of measures from Ottawa aimed at injecting cash into the financial system and providing the credit flow for companies and households. In addition to it, the Bank is going to purchase bankers’ acceptances and short-term loans which are the main source of financing for small- and medium-size companies.

Pollick says it was a good idea to implement these measures during a period of days, and not at once.

“The deal is that some people may not be able to introduce the changes in a week or two, so it’s vital for the market support to make sure all the parties have the possibility to introduce the measures”, - he noted.



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