Originally published in Blakes Bulletin on
Securitization, February 2009
On February 23, 2009, the Canadian federal government announced
that the Department of Finance and the Business Development Bank of
Canada (BDC) will jointly commence a consultation process to seek
input from interested stakeholders on the structure and
implementation of its C$12-billion Canadian Secured Credit Facility
(the Facility). The creation of the Facility was first announced by
the federal government in connection with its January 27, 2009
Under the Facility, BDC will purchase term asset-backed
securities (ABS) secured by loans and leases on vehicles and
equipment. The federal government is hoping that the Facility,
together with the other initiatives and programs that form part of
its C$200-billion Extraordinary Financing Framework, will provide
Canadian businesses and consumers with better access to financing
to purchase or lease motor vehicles and equipment. Once the
consultation process is completed, the Department of Finance and
BDC will establish parameters regarding the operation of the
In conjunction with this announcement, BDC released a
consultation paper, entitled Consultation on the Canadian
Secured Credit Facility. Click here to view the consultation paper.
In particular, comments are being sought with respect to the
What structure would be most effective to re-start the term ABS
market in Canada?
What should the eligibility criteria be with respect to (i) the
ABS, (ii) the issuers of ABS, (iii) the originators of the loans
and leases that will secure ABS, and (iv) such underlying loans and
How should purchases of ABS be priced?
How should the Facility be allocated among eligible
participants and different categories of ABS?
BDC has requested that interested stakeholders forward their
comments to BDC at firstname.lastname@example.org by March 6, 2009.
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