Ottawa, December 17, 2012
Archived - Statement by the Honourable Jim Flaherty, Minister of Finance, Concerning the Successful Implementation of the Legal Framework for Canadian Covered Bonds
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“I am pleased to announce that the Government of Canada has finalized implementation of the legal framework for Canadian covered bonds, to be administered by Canada Mortgage and Housing Corporation (CMHC).
“With the release of the details of the legal framework, CMHC is now in a position to begin accepting applications under the covered bond framework which our Government announced in Economic Action Plan 2012. The framework will be available to federally and provincially regulated mortgage lenders in Canada.
“This framework will support financial stability by helping lenders find new sources of funding and by making the market for covered bonds more robust. This will help reinforce the stability of Canada’s financial system, benefitting Canadian families.”
For further information, media may contact:
Office of the Minister of Finance
Department of Finance