Committee
Consult the user guide
For assistance, please contact us
Consult the user guide
For assistance, please contact us
Add search criteria
Results: 121 - 135 of 380
Carolyn A. Wilkins
View Carolyn A. Wilkins Profile
Carolyn A. Wilkins
2020-11-26 15:54
I know the average term to maturity of the government—
Tiff Macklem
View Tiff Macklem Profile
Tiff Macklem
2020-11-26 15:54
I have those numbers, if you want to hold on for a second. When you get to—
Tiff Macklem
View Tiff Macklem Profile
Tiff Macklem
2020-11-26 15:55
They're changing every week.
View Ted Falk Profile
CPC (MB)
View Ted Falk Profile
2020-11-26 15:55
While you're looking for that, you did mention that you've been switching more to long-term purchases. What is the rationale for that?
Tiff Macklem
View Tiff Macklem Profile
Tiff Macklem
2020-11-26 15:55
In the initial March and April part of the crisis, the focus was very much on restoring market function. The whole financial system was clogged. Credit markets were very strained. We came in and bought heavily at the very short end of the curve, which was key to restoring market functioning.
As market functioning has been restored, we've discontinued a number of our programs. We've continued our government bond purchase program, though, as a way to provide quantitative easing. With that, we've shifted to buying further up the curve. Households and businesses typically borrow for three, five, 10, or 15 years. That's the part of the yield curve where they're borrowing the most. Our QE program is really targeted at lowering their cost of borrowing, so we're concentrating our purchasing power at that part of the curve. In that way, it sort of maximizes the per dollar impact of our purchases.
View Sean Fraser Profile
Lib. (NS)
View Sean Fraser Profile
2020-11-26 16:00
I appreciate that.
You mentioned during your responses to previous questions that the bank doesn't finance the government, but reduces the cost of financing the government. To date, with the fiscal measures that have been put in place, certainly, the debt is much larger than it was pre-pandemic.
Can you identify for us what impact that has had on the cost of servicing the debt for Canadians and for the federal government?
Tiff Macklem
View Tiff Macklem Profile
Tiff Macklem
2020-11-26 16:00
Are you asking me what would the debt service cost be if we hadn't lowered interest rates?
View Sean Fraser Profile
Lib. (NS)
View Sean Fraser Profile
2020-11-26 16:01
No, I'm asking, effectively, because of the measures that you've taken to reduce the cost of borrowing for the federal government, has the cost of servicing the federal government's debt changed? Has it become more expensive to service the debt? Has it become cheaper to service the debt?
Tiff Macklem
View Tiff Macklem Profile
Tiff Macklem
2020-11-26 16:01
It's become less expensive to service the debt, certainly per unit of debt.
View Sean Fraser Profile
Lib. (NS)
View Sean Fraser Profile
2020-11-26 16:01
On the whole, has the actual cost of servicing a much larger debt now, on the back end of these measures, actually decreased?
Tiff Macklem
View Tiff Macklem Profile
Tiff Macklem
2020-11-26 16:01
Yes, debt service costs now are quite low.
View Pierre Poilievre Profile
CPC (ON)
What share of the new debt the federal government has added since March is locked in at current rates for 10 years or more?
Tiff Macklem
View Tiff Macklem Profile
Tiff Macklem
2020-11-26 16:19
You'll have to ask the Minister of Finance, who does the debt management. You're going to get an update on, I guess, next Monday, so—
View Pierre Poilievre Profile
CPC (ON)
Okay. So you can't answer that question.
Tiff Macklem
View Tiff Macklem Profile
Tiff Macklem
2020-11-26 16:19
No. That's a question for the Minister of Finance.
I can tell you what's on our balance—
Results: 121 - 135 of 380 | Page: 9 of 26

|<
<
5
6
7
8
9
10
11
12
13
14
>
>|
Export As: XML CSV RSS

For more data options, please see Open Data