Also in October, because the traditional liquidity transmission mechanism was not operating, and thus to address liquidity shortages beyond our traditional counterparties, we introduced a new term PRA facility aimed directly at large participants in the money markets. In designing and implementing these tools, the Bank was guided in particular by the third principle, which recommends using the right tool for the job.
In November, we introduced a term loan facility at a penalty rate for direct participants in the LVTS, secured by their Canadian-dollar non-mortgage loan portfolios. Because this auction facility accepted these largely non-marketable, illiquid assets as collateral, participants in the LVTS were able to use their marketable, liquid collateral elsewhere.