•  While transfer of NPAs of public sector banks to separate asset management companies was not considered, an institutional mechanism to deal with distressed assets of banks and financial institutions has been created.
These are now being unwound consistent with market conditions and our principles. 11 The crisis also revealed grave shortcomings in market structure and regulation. On the former, rather than wait three decades, the Bank has already assisted an industry-led process to develop a central counterparty for Canadian repo markets.