November 27, 2008 / 9:42 PM / in 9 years

Canada government seeks expanded powers during crisis

OTTAWA (Reuters) - The Canadian government proposed giving expanded powers on Thursday to the finance minister and cabinet to support financial institutions hit by the global crisis, including the authority to inject capital into some banks.

The new measures would provide authority for the government to inject capital into federal financial institutions, increase the borrowing limit of the Canadian Deposit Insurance Corp to C$15 billion from C$6 billion and fund the Canadian Lenders Assurance Facility, which exists to back banks’ wholesale borrowing.

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