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Louise Egan

Louise Egan

Communications at the Bank of Canada. Opinions my own and mostly kept offline anyway.

Articles by Louise Egan

Fraudulent Investment Scheme

14 days ago

The Bank of Canada (“Bank”) has become aware of a fraudulent investment scheme on the part of World Way Capital (“WWC”). WWC is presenting a fraudulent Deposit Guarantee/Investor Compensation sheet dated February 2019 to potential investors, purporting that the Bank will guarantee deposits (in US$ and cryptocurrencies). WWC is also presenting a false partnership agreement with the Bank dated January 29, 2018. This fraudulent investment scheme misrepresents the Bank and makes use of the Bank’s name, identity, logos, trade-marks and letterhead without authorization. The Bank has no partnership agreement with WWC. The Bank does not

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Changes to legal tender status will take effect in 2021

16 days ago

FOR IMMEDIATE RELEASE

Available as:
PDF

In accordance with amendments to the Bank of Canada Act and the Currency Act approved by Parliament in 2018, the federal government recently decided to remove legal tender status from some older bank notes as of January 1, 2021. This change will affect the $1, $2, $25, $500 and $1,000 notes, which are no longer being produced. Essentially, this means that Canadians will no longer be able to use them in transactions.
Most Canadians will not be affected because the bank

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Bank of Canada maintains overnight rate target at 1 ¾ per cent

18 days ago

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.
Recent Canadian economic data are in line with the projections in the Bank’s April Monetary Policy Report (MPR), with accumulating evidence that the slowdown in late 2018 and early 2019 is being followed by a pickup starting in the second quarter. The oil sector is beginning to recover as production

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Release of the Financial System Review

May 16, 2019

Opening Statement

Available as:
PDF

Good morning, and thank you for being here today. Senior Deputy Governor Wilkins and I are pleased to be with you to talk about the latest issue of the Bank of Canada’s Financial System Review (FSR), which we published today.
Let me quickly remind everyone about the purpose of the FSR—to identify key vulnerabilities in the financial system that can interact with and magnify economic shocks. We monitor the evolution of these vulnerabilities and apply extreme risk scenarios to look at the

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Deputy Governor Lynn Patterson to retire from the Bank of Canada

May 8, 2019

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada announced today that Deputy Governor Lynn Patterson will retire on July 19, 2019.
Lynn Patterson was appointed Deputy Governor of the Bank of Canada in May 2014, with responsibility for overseeing the Bank’s analysis and activities in promoting a stable and efficient financial system. As a member of the Bank’s Governing Council, she has shared responsibility for decisions with respect to monetary policy and financial system stability, and for setting

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Canada’s mortgage market should evolve to offer more choice with less risk, Bank of Canada Governor Poloz says

May 6, 2019

FOR IMMEDIATE RELEASE

Available as:
PDF

Canada’s mortgage market should evolve in a way that gives Canadians more choice and helps the economy be more flexible, while lowering the level of risk in the system, Bank of Canada Governor Stephen S. Poloz said today.
Financial flexibility and the proper sharing of risk are important because they help people adapt to changing circumstances and the economy adjust to shocks, Governor Poloz said in a speech to the Canadian Credit Union Association and Winnipeg Chamber

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Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce

May 1, 2019

Opening Statement

Standing Senate Committee on Banking, Trade and Commerce

Available as:
PDF

Good afternoon, Mr. Chairman and committee members. Once again, Senior Deputy Governor Wilkins and I are pleased to be with you to talk about the Bank’s Monetary Policy Report (MPR), which we published last week.
Six months ago, when we last appeared before this committee, we talked about some very positive developments. The Canadian economy had solid momentum and had

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Opening Statement before the House of Commons Standing Committee on Finance

April 30, 2019

Opening Statement

House of Commons Standing Committee on Finance

Available as:
PDF

Good morning, Mr. Chairman and committee members. Once again, Senior Deputy Governor Wilkins and I are pleased to be with you to talk about the Bank’s Monetary Policy Report (MPR), which we published last week.
Six months ago, when we last appeared before this committee, we talked about some very positive developments. The Canadian economy had solid momentum and had essentially completed

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Monetary Policy Report Press Conference Opening Statement

April 24, 2019

Opening Statement

Available as:
PDF

Good morning. Senior Deputy Governor Wilkins and I are pleased to be here to answer your questions about today’s interest rate announcement and our Monetary Policy Report (MPR). Before taking your questions, let me offer a short summary of Governing Council’s deliberations.
It is important that we keep recent developments in context. The Canadian economy was operating close to its potential for most of 2017 and 2018, and inflation is at target as a result. Governing Council is of course

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Bank of Canada maintains overnight rate target at 1 ¾ per cent

April 24, 2019

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.
Global economic growth has slowed by more than the Bank forecast in its January Monetary Policy Report (MPR). Ongoing uncertainty related to trade conflicts has undermined business sentiment and activity, contributing to a synchronous slowdown across many countries. In response, many central banks have

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Why Do Central Banks Care About Market Power?

April 8, 2019

Presentation

G7 conference hosted by Banque de France

Available as:
PDF

Senior Deputy Governor Carolyn A. Wilkins discusses how the competitive landscape and digitalization affect monetary policy and why central banks care about market power.

Topic(s):
Firm dynamics,
Inflation and prices,
Labour markets,

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The Bank of Canada releases its Annual Report for 2018

April 4, 2019

FOR IMMEDIATE RELEASE

The Bank of Canada’s Annual Report for 2018 was tabled in the House of Commons today. The Report will be available at 15:00 (ET) on the Bank’s website.
For more information, please contact Media Relations at 613-782-8782.

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Canada’s export sector shows promise in a challenging environment, Governor Poloz says

April 1, 2019

FOR IMMEDIATE RELEASE

Available as:
PDF

Canada’s economy can build on its traditional strengths by taking advantage of export opportunities in rapidly growing service sectors to overcome the current challenging environment, Bank of Canada Governor Stephen S. Poloz said today.
Trade and business investment slowed late last year across the global economy amid the U.S.-led trade war, Governor Poloz said in a speech to the Baffin Regional Chamber of Commerce. This contributed to

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Bank of Canada joins Central Banks’ and Supervisors’ Network for Greening the Financial System

March 27, 2019

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today announced that it has joined the Central Banks’ and Supervisors’ Network for Greening the Financial System (NGFS). The NGFS was established in December 2017 in Paris at the One Planet Summit to strengthen the global response to the Paris Agreement on climate change. Made up of more than 30 members, the NGFS defines and promotes best practices in climate risk management for the financial sector and conducts analytical work on

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Global leverage makes financial system vulnerable, Senior Deputy Governor Wilkins says

March 14, 2019

FOR IMMEDIATE RELEASE

Available as:
PDF

Global debt is now US$100 trillion higher than just before the financial crisis and more than three times global gross domestic product (GDP), presenting a headwind to growth and making the financial system vulnerable, Senior Deputy Governor Carolyn A. Wilkins said today.
In remarks to UBC’s Vancouver School of Economics and CFA Society Vancouver, Wilkins highlighted trouble spots of particular concern arising from elevated household, government and

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The Age of Leverage

March 14, 2019

Remarks

UBC Vancouver School of Economics and CFA Society Vancouver

Available as:
PDF

Introduction
Good afternoon. Let me thank the UBC Vancouver School of Economics and the Vancouver CFA Society for the invitation.
Vancouver is truly a global city. More than 70 countries have consular services here to support foreign-based firms doing business in the region. International students flock to the universities here. And, people from all over the world

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Bank of Canada names winners of women’s scholarship award

March 8, 2019

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada marked International Women’s Day by announcing the 2018-2019 recipients of its Master’s Scholarship Award for Women in Economics and Finance. This award, first announced in September 2017, is designed to attract and advance women in the core areas of the Bank’s work, where they are under-represented. A $10,000 scholarship is combined with the opportunity for permanent employment at the Bank upon successful completion of a master’s

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Bank of Canada maintains overnight rate target at 1 ¾ per cent

March 6, 2019

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.
Recent data suggest that the slowdown in the global economy has been more pronounced and widespread than the Bank had forecast in its January Monetary Policy Report (MPR). While the sources of moderation appear to be multiple, trade tensions and uncertainty are weighing heavily on

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History demonstrates the power and limitations of monetary policy, Governor Poloz says

February 21, 2019

FOR IMMEDIATE RELEASE

Available as:
PDF

Monetary policy has proven to be a powerful instrument to control inflation and promote Canada’s economic welfare, subject to a number of limitations, Bank of Canada Governor Stephen S. Poloz said today.
Under Canada’s inflation-targeting framework, economic cycles have become less severe, unemployment is lower and the economy adjusts more quickly to shocks, Governor Poloz noted in a speech to the Chamber of Commerce of Metropolitan Montreal. More

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Toward 2021: The Power—and Limitations—of Policy

February 21, 2019

Remarks

The Chamber of Commerce of Metropolitan Montreal

Available as:
PDF

Introduction
As the country’s central bank, our responsibilities are spelled out in the Bank of Canada Act. Its preamble says that our job is to “promote the economic and financial welfare of Canada”—a lofty assignment.
Few mention the phrase that comes right before that: “so far as may be possible within the scope of monetary action.” Even in 1935, the drafters of our

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