reduced short - term funding pressure for primary dealers, which improved market conditions. 17 at its largest, the facility grew to $ 42 billion. what we are now proposing, in addition to the regular term repo program i just mentioned, is a contingent term repo facility that we can activate at our discretion when we see severe liquidity problems that are market - wide. the facility would offer liquidity for terms of up to one month that could be made available to primary dealers and, in some circumstances, other institutions if we judge it necessary for the stability of the financial system. in addition to this facility to deal with extraordinary market - wide stress, we are proposing changes to how we deal with liquidity issues at individual institutions. this is our traditional role as lender of last resort. what this role means is that we act as a backstop to make sure that a liquidity shortage in one place doesn ’ t turn into widespread stress for the whole system. we haven ’ t done a comprehensive review of this role since 2004, and it ’ s time to take the lessons of the crisis on board. our emergency lending assistance ( ela ) was traditionally meant for financial institutions that were judged to be still solvent, but unable to access liquidity. in an emergency situation, it can be very difficult to distinguish insolvency from illiquidity. so we will now restrict ela to those institutions that have in place the credible frameworks for recovery and resolution that i spoke of earlier. this will ensure that any lending will be part of a coordinated effort taken by the institution and the authorities, as needed, to bring a distressed institution back to viability. and if it can ’ t recover on its own, the authorities can do what is needed to restructure or liquidate the business while maintaining any functions that are critical to the financial system and without exposing taxpayers to loss. we are also clarifying that we would, under certain conditions, provide emergency lending to provincial institutions such as caisses populaires or credit unions and their centrals. because these institutions can get liquidity support from their provincial centrals, we would limit ela to cases that have implications for the canadian financial system. as well, we are prepared to provide emergency lending to address liquidity problems at key canadian market available at https : / / en. ews. staging. boc. ets. net / 2015 / 05 / public - consultations - bank - canada - framework

kevin greenidge : leading with resilience and innovation in cybersecurity remarks by dr kevin greenidge, governor of the central bank of barbados, to protexxa, bridgetown, 24 may 2024. * * * good morning, everyone. it's a pleasure to be here today to discuss a topic close to my heart : leadership. as the governor of the central bank of barbados, i understand the critical role leadership plays in guiding organisations through challenges and opportunities. in today's digital age, cybersecurity is more important than ever. leadership in this sector requires a unique blend of resilience, innovation, and vigilance. ladies and gentlemen, today i stand before you not just to share a story but to illustrate the power of perseverance, visionary leadership, and the impact of positive thinking. from an unremarkable student to a top economist at the central bank of barbados, my journey is a testament to the belief that we can achieve greatness with determination and the right mindset. let me take you through the milestones that have shaped my path and the principles that guide my leadership. i achieved remarkable academic success, setting the stage for my future career. i was not always a top performer in class. actually, during most of my secondary school life, i did not excel. however, a fellow student inspired me in the fifth form when he aced his o'levels. his achievements inspired me. i told myself if john could do it, so could i. so, i begged my principal for a second chance, got it, and grasped it. the rest is history. that brings me to another good value we leaders should nurture : never giving up on people. instead, we must help them, especially when they show potential but may lack guidance. fast forward a few years, and i decided to be an economist at the central bank of barbados. i visited the institution, found out the requirements, and set out to achieve them. i aced my studies at uwi cave hill campus, achieving 21 as. this academic success did not come without sacrifice. i gave up all the liming and lollygagging and focused on my studies. i am a visionary leader who believes in leaving a solid legacy or making a difference that redounds to the betterment of everyone. in that regard, i am committed to creating a better place, and that's why i took up the job as senior economic