Excellent, Thank you, Mr. Chair.
The exchange fund account represents the largest component of Canada's official international reserves. In 2011, the government announced that the exchange fund account would be part of the government's prudential liquidity plan if, for instance, markets were severely disrupted or inaccessible.
The proposed technical amendments in division 5 of part 6 would clarify this objective by stipulating that the exchange fund account may provide a source of liquidity for the Government of Canada. The amendments would also clarify that funds in the exchange fund account can be transferred to the consolidated revenue fund.