Through these extended term repos, we lent roughly $ billion to financial institutions from March to June 2020. We also relaxed the restrictions on collateral eligibility to ensure these actions would have their intended effect. This reflected the unprecedented and severe nature of the market-wide dysfunction at the outset of the pandemic and helped stave off some of the pandemic’s worst financial effects.
Government of Canada Bond Purchase Program outcomes In contrast to our term repo program, the GBPP was entirely new to us in 2020. 3 See G. Johnson, “A Review of the Bank of Canada’s Market Operations Related to COVID-19,”  Bank of Canada Staff Discussion Paper No. 2023-6 (March 2023).