Crown corporations’ COVID-19 liquidity support

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Communications

News Release

{"id":4,"created_at":"2020-10-02T07:33:49-04:00","updated_at":"2021-02-25T15:07:04-05:00","slug":"COM-2021-004--pbo-calls-for-increased-transparency-from-crown-corporations-in-reporting-of-covid-19-financial-supports--le-dpb-reclame-que-les-societes-detat-declarent-avec-plus-de-transparence-les-mesures-daide-financiere-liees-a-la-covid-19","title_en":"PBO calls for increased transparency from Crown Corporations in reporting of COVID-19 financial supports","title_fr":"Le DPB r\u00e9clame que les soci\u00e9t\u00e9s d\u2019\u00c9tat d\u00e9clarent avec plus de transparence les mesures d\u2019aide financi\u00e8re li\u00e9es \u00e0 la COVID-19","body_en":"The Parliamentary Budget Officer (PBO) today released a report that summarizes the federal package of COVID-19 liquidity support programs provided through five federal Crown corporations: The Bank of Canada, Farm Credit Canada, Export Development Canada, Business Development Bank of Canada, and Canada Mortgage and Housing Corporation.\n\nThe report [Crown corporations\u2019 COVID-19 liquidity support](https:\/\/www.pbo-dpb.gc.ca\/en\/blog\/news\/RP-2021-022-S--crown-corporations-covid-19-liquidity-support--soutien-liquidite-societes-etat-en-reponse-covid-19) estimates that up to $422 billion in financial liquidity supports for businesses, governments and financial markets has been provided by these five Crown corporations through August 2020. While these Crown corporations entered the pandemic in a good financial position, the programs significantly increase the federal government\u2019s financial footprint.\n\nThe report also highlights gaps in publicly available risk metrics for these programs.\n\n\u201c*The federal government is the sole shareholder of these Crown corporations and is directly affected by gains or losses in these programs. Except for the Bank of Canada, we have seen limited disclosure to parliamentarians and Canadians on the billions in potential financial exposure from these programs,*\u201d says Yves Giroux, PBO. \u201c*Parliamentarians and Canadians need better information to facilitate the financial scrutiny of all major entities of the Government of Canada.*\u201d","body_fr":"Le directeur parlementaire du budget a publi\u00e9 aujourd\u2019hui un rapport r\u00e9sumant les programmes f\u00e9d\u00e9raux de soutien des liquidit\u00e9s pendant la pand\u00e9mie de COVID-19 qui ont \u00e9t\u00e9 mis en \u0153uvre par cinq soci\u00e9t\u00e9s d\u2019\u00c9tat : la Banque du Canada, Financement agricole Canada, Exportation et d\u00e9veloppement Canada, la Banque de d\u00e9veloppement du Canada et la Soci\u00e9t\u00e9 canadienne d\u2019hypoth\u00e8ques et de logement.\n\nDans le rapport [Soutien \u00e0 la liquidit\u00e9 des soci\u00e9t\u00e9s d\u2019\u00c9tat en r\u00e9ponse \u00e0 la COVID-19](https:\/\/www.pbo-dpb.gc.ca\/fr\/blog\/news\/RP-2021-022-S--crown-corporations-covid-19-liquidity-support--soutien-liquidite-societes-etat-en-reponse-covid-19), le directeur parlementaire du budget estime que ces cinq soci\u00e9t\u00e9s d\u2019\u00c9tat ont accord\u00e9 jusqu\u2019\u00e0 422 milliards de dollars aux entreprises, aux gouvernements et aux march\u00e9s financiers en mesure de soutien des liquidit\u00e9s du d\u00e9but de la pand\u00e9mie jusqu\u2019en ao\u00fbt 2020. Ces soci\u00e9t\u00e9s d\u2019\u00c9tat \u00e9taient en bonne situation financi\u00e8re au d\u00e9but de la pand\u00e9mie, mais ces programmes ont augment\u00e9 consid\u00e9rablement l\u2019empreinte financi\u00e8re du gouvernement f\u00e9d\u00e9ral.\n\nLe rapport souligne \u00e9galement les lacunes dans la publication des indicateurs de risque associ\u00e9s \u00e0 ces programmes.\n\n\u00ab *Le gouvernement f\u00e9d\u00e9ral est l\u2019unique actionnaire de ces soci\u00e9t\u00e9s d\u2019\u00c9tat et il est directement touch\u00e9 par les gains ou les pertes que r\u00e9alisent ces programmes. \u00c0 l\u2019exception de la Banque du Canada, l\u2019exposition financi\u00e8re \u2013 \u00e0 hauteur de milliards de dollars \u2013 qui est associ\u00e9e \u00e0 ces programmes n\u2019a \u00e9t\u00e9 que tr\u00e8s peu communiqu\u00e9e aux parlementaires et au public*, affirme le directeur parlementaire du budget, Yves Giroux. *Les parlementaires et la population canadienne ont besoin d\u2019\u00eatre mieux inform\u00e9s sur la situation financi\u00e8re globale du gouvernement du Canada.* \u00bb","release_date":"2020-10-02T09:00:00-04:00","is_published":"2021-02-25T15:07:04-05:00","internal_id":"COM-2021-004","permalinks":{"en":{"website":"https:\/\/www.pbo-dpb.ca\/en\/blog\/news-releases--communiques-de-presse\/COM-2021-004--pbo-calls-for-increased-transparency-from-crown-corporations-in-reporting-of-covid-19-financial-supports--le-dpb-reclame-que-les-societes-detat-declarent-avec-plus-de-transparence-les-mesures-daide-financiere-liees-a-la-covid-19"},"fr":{"website":"https:\/\/www.pbo-dpb.ca\/fr\/blog\/news-releases--communiques-de-presse\/COM-2021-004--pbo-calls-for-increased-transparency-from-crown-corporations-in-reporting-of-covid-19-financial-supports--le-dpb-reclame-que-les-societes-detat-declarent-avec-plus-de-transparence-les-mesures-daide-financiere-liees-a-la-covid-19"}},"pivot":{"publication_id":38,"news_release_id":4}}