Canada calls time on emergency operations

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The Bank of Canada on Tuesday began to dismantle its emergency open-market operations a little over a year after the failure of Lehman Brothers caused pandemonium in global money markets.

The central bank said on Tuesday that its Term PRA Facility for Private Sector Instruments and its Term Loan Facility would expire late next month after less than 12 months in operation.

The central bank said the decision to cancel the facilities reflected lower market funding costs and the lack of coverage in

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