Further, our interests in financial stability cut across the Bank of Canada’s functions – not only do we need a well-functioning financial system to transmit our monetary policy, but we also have oversight of systemically important financial market infrastructures and, of course, we are the lender of last resort to the system.
BIS central bankers’ speeches  3  When more than one body is involved in macroprudential policy, there needs to be a mechanism to discuss and coordinate responses and to provide checks and balances within the regulatory system. In Canada, the Senior Advisory Committee fulfills this role.