 The losses together with the panic in liquidity market formed a liquidity shock to the banking sector, which led to contagion which propagated the crisis.In Canada, the financial sector reforms undertook in the years preceding the financial crisis helped strengthen the country's banking system.However, and with an estimated value of CAD 33 billion in ABCP, the consequences of the collapse of the ABCP market could have been very damaging if the Caisse de dépôt et placement du Québec (CDPQ) and the Bank of Canada had not stepped in.