Finance committee  Yes, indeed. Our measures are very similar to the ones taken by Australia. In Australia, the governor of the Reserve Bank of Australia has secured the support of the treasurer to allow them to also retain profits going forward to offset their losses associated with quantitative e

Finance committee  It is a similar approach.

Finance committee  Thank you for the question. During normal times, the Bank of Canada makes a profit by seigniorage from printing money. Currently, the Bank of Canada is suffering losses due to settlement GBPP activities conducted during the pandemic. Currently, the seigniorage that the Bank of

Finance committee  I'm sorry. I do not have the information on that, but I will get it for you.

Finance committee  The impact does have an impact on cash flows. Therefore, the government would have higher interest payments.

Finance committee  I'm afraid I do not have that answer.

Finance committee  Yes, it is a fair statement.

Finance committee  It will not, because only the net losses or income of the Bank of Canada is consolidated with the Government of Canada's budgetary balance.

Finance committee  Thank you for the question, Mr. Chair. In response to the budgetary impact of section 27 of the Bank of Canada Act, you are correct that there is a cash flow issue. However, since the Bank of Canada is a government Crown corporation, its account is consolidated with that of the

Finance committee  The bank's income or losses will affect the budgetary balance, but the fact that we're allowing the bank to withhold its remittances will not. For example, if the bank earns an extra $1 billion this year, it will be an extra $1 billion dollars in the budgetary balance. If it has

Finance committee  Mr. Chair, my name is Gloria Wong. I'm a director in the Department of Finance. Thank you for the question. Yes, the measure with respect to section 27 of the Bank of Canada Act is meant to be temporary. There is no long-term obligation for the government. The provision will e