Those institutions below the 75% minimum requirement will be provided with adequate time to increase their CFR back to minimum levels. 7  remain appropriate, and expect to announce the future treatment of mortgage deferrals soon. Taken together – and without being too self-congratulatory – these initiatives have had a significant impact on supporting the short-term financial needs of households and businesses.
This was important to limit failures of businesses with good long-term income prospects, and prevent mortgage defaults and foreclosures for borrowers facing temporary decreases in income. We of course would not have been able to announce any of these initiatives without the close working relationships with industry and the whole of government.