##r : these new bank notes are a 21st century achievement in which all canadians can take pride and place their confidence. we have heard how these new bank notes will explore the frontiers of canadian history and innovation, all while being at the frontier of bank note security. the product of leading - edge technology, these notes will be among the most secure in the world. these polymer bills will last at least two - and - a half times longer than the current cotton - paper bills now in circulation, thereby costing less to produce and leaving a smaller ecological footprint : in every way, this is better money. bis central bankers ’ speeches we will be phasing in these new bills, working closely with financial institutions and manufacturers of bank note equipment to ensure a smooth transition from cotton - paper to polymer. there are many important partners in this process. we will be working with law enforcement agencies, as well as retailers. today, we unveil the new $ 100 and $ 50 notes so that canadians can start to learn about the new features and appearances of each denomination. starting in november 2011, the $ 100 bill will be available and the $ 50 notes will follow in march 2012. the $ 20, $ 10, and $ 5 notes will be unveiled and issued by the end of 2013. so after telling you about the new money, the time has come to show it to you. bis central bankers ’ speeches

banks of selling u. s. - dollar assets is obvious. doing so would reduce the funding currency mismatch that has plagued them for the past several years. non - european creditors are seeing opportunities in structured products, trade and project finance, as well as conventional corporate lending facilities. this will displace new credit creation in the united states. one way european authorities could reduce these spillovers is to require european banks to meet at least part of their requirements by raising private capital, including high - trigger contingent capital. the latter would limit the dilution of existing shareholders, while providing a loss absorbing cushion. the current situation is ideally suited for this instrument since the capital is being raised for an extreme tail event ( losses on highly rated sovereign debt ) – the public nature of which would involve no risk of regulatory forbearance. the second line of defence involves co - operative measures to provide foreign currency liquidity. in recent years, central banks, led by the u. s. federal reserve, have instituted swap lines to redistribute u. s. - dollar official liquidity in order to address currency mismatches in the financial sector. 6 in their first round in 2008 – 09, u. s. - dollar swaps proved very effective in containing currency basis swap rates and ois funding spreads, before ultimately helping to end the period of liquidity destruction and stabilising global financial markets. since the intensification of the european crisis this past summer, the swap lines have been supplemented by the reintroduction of unlimited 3 - month u. s. - dollar liquidity operations at the ecb, the bank of japan, the bank of england and the swiss national bank. 7 given the close relationship between global and domestic liquidity, central banks also stand ready to activate domestic facilities, if required. 8 country - specific or regional liquidity shocks may also be addressed through imf facilities. the imf is already playing an important role in the peripheral country programs, which could be expanded through further conventional, conditional lending if the situation required. these facilities have been implemented flexibly with country coverage and the liquidity amounts adjusted on a timely basis, depending on the prevailing market conditions. importantly, they have also been designed to limit moral hazard, with access at a penalty rate to ensure that market participants return to private sources of liquidity as market conditions improve. these banks will offer unlimited u. s. - dollar liquidity at a fixed rate of ois plus