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121 - 135 of 380
Add a filter on Committee Evidence - FINA-7
Committee Evidence - FINA-7
2020-11-26
Tiff Macklem - 15:54
Carolyn A. Wilkins
2020-11-26 15:54
...More
I know the average term to maturity of the government—
...Less
Bank of Canada
Monetary policy
Public debt
Tiff Macklem
2020-11-26 15:54
...More
I have those numbers, if you want to hold on for a second. When you get to—
...Less
Monetary policy
Public debt
Ted Falk - 15:55
Tiff Macklem
2020-11-26 15:55
...More
They're changing every week.
...Less
Monetary policy
Public debt
CPC (MB)
Ted Falk (Provencher)
2020-11-26 15:55
...More
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?
...Less
Monetary policy
Public debt
Tiff Macklem
2020-11-26 15:55
...More
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.
...Less
Monetary policy
Public debt
Hon. Wayne Easter - 15:56
Tiff Macklem - 15:58
Lib. (NS)
Sean Fraser (Central Nova)
2020-11-26 16:00
...More
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?
...Less
Debts
Monetary policy
Public debt
Tiff Macklem
2020-11-26 16:00
...More
Are you asking me what would the debt service cost be if we hadn't lowered interest rates?
...Less
Debts
Monetary policy
Public debt
Lib. (NS)
Sean Fraser (Central Nova)
2020-11-26 16:01
...More
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?
...Less
Monetary policy
Public debt
Tiff Macklem
2020-11-26 16:01
...More
It's become less expensive to service the debt, certainly per unit of debt.
...Less
Monetary policy
Public debt
Lib. (NS)
Sean Fraser (Central Nova)
2020-11-26 16:01
...More
On the whole, has the actual cost of servicing a much larger debt now, on the back end of these measures, actually decreased?
...Less
Monetary policy
Public debt
Tiff Macklem
2020-11-26 16:01
...More
Yes, debt service costs now are quite low.
...Less
Monetary policy
Public debt
Sean Fraser - 16:01
Hon. Wayne Easter - 16:18
CPC (ON)
Hon. Pierre Poilievre (Carleton)
2020-11-26 16:18
...More
What share of the new debt the federal government has added since March is locked in at current rates for 10 years or more?
...Less
Monetary policy
Public debt
Tiff Macklem
2020-11-26 16:19
...More
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—
...Less
Monetary policy
Public debt
CPC (ON)
Hon. Pierre Poilievre (Carleton)
2020-11-26 16:19
...More
Okay. So you can't answer that question.
...Less
Monetary policy
Public debt
Tiff Macklem
2020-11-26 16:19
...More
No. That's a question for the Minister of Finance.
I can tell you what's on our balance—
...Less
Monetary policy
Public debt
Hon. Pierre Poilievre - 16:19
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