March 31, 2020 / 7:10 PM / 2 months ago

Nine Canadian banks access central bank's liquidity facility: industry group

FILE PHOTO: A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo

TORONTO (Reuters) - Nine Canadian banks, including the nation’s six biggest lenders, have begun accessing the central bank’s new liquidity facility, the Canadian Bankers Association said on Tuesday.

The Standing Term Liquidity Facility, which the Bank of Canada launched on Monday, allows eligible financial institutions to borrow from the central bank by pledging collateral, including mortgages, to fund new lending.

Bank of Montreal (BMO.TO), Canadian Western Bank (CWB.TO), Canadian Imperial Bank of Commerce (CM.TO), Equitable Bank (EQB.TO), HSBC Bank Canada (HSBA.L), National Bank of Canada (NA.TO), Royal Bank of Canada (RY.TO), Bank of Nova Scotia (BNS.TO) and TD Bank Group (TD.TO) are accessing the facility, the industry group said.

Reporting By Nichola Saminather; Editing by Denny Thomas and Chizu Nomiyama

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