This issue was highly controversial and potential borrowers objected that its inclusion would increase their financing costs. In the event it turned out that CACs already existed in some bonds issued in London (so-called British Trust Deed instruments) and that their effects on the cost of financing appeared to be small.
Our speakers today have reminded us that our bank notes reflect the people and the society where they are used. Canada is a world leader in using innovation for secure bank notes. Work on this series started eight years ago, in 2005.