An important element of discipline should come from the market itself and we are working closely with market participants on this. The adherence to a voluntary code will only come about if firms judge it to be in their interest and take the practical steps to ensure the code is embedded in their practices.
I would like to point out that these facilities have been financed, not by expanding the supply of central bank money to the financial system, but rather through the sale of treasury bills, either from the Bank’s own portfolio or from new issues whose proceeds are in turn held on deposit at the Bank of Canada.