On April 9, 2020, each of the Canadian D-SIB Banks (domestic systematically important banks) entered into agreements in connection with the Canadian Emergency Business Account (“CEBA”) funding program initiated by Export Development Canada (“EDC”) on behalf of Her Majesty in right of Canada. The CEBA program will enable approximately $50 billion in lending by eligible financial institutions in cooperation with EDC. The CEBA program provides credit facilities to each of the D-SIB Banks in order to enable each bank to provide interest-free loans of up to $40,000 to small businesses in order to help cover the small business’ operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus.
Osler acted for Canada’s six D-SIB banks which are Royal Bank of Canada, Bank of Montreal, The Bank of Nova Scotia, The Toronto-Dominion Bank, National Bank of Canada and Canadian Imperial Bank of Commerce.
Export Development Canada is a self-financing Crown corporation focused on supporting and developing Canada’s export trade by helping Canadian companies respond to international opportunities.
Osler, Hoskin & Harcourt LLP advised each of the D-SIB Banks with a team consisting of Richard Borins and Ryan Hayes (Financial Services) with support from Shelley Obal (Research) and John Salloum (Privacy and Data Management).