- Jul 12, 2018
- 9,342
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OFFICE OF THE VICE CHAIR |
SECURE |
TO: Jim Flaherty, Minister of Finance of The Kingdom of Canada ( Alex )
FROM: Avery Black, Vice Chair of The Board of Governors of The Federal Reserve System
Minister Flaherty,
Best regards,
Avery Black, Ph.D.
Vice Chair of The Federal Reserve System
FROM: Avery Black, Vice Chair of The Board of Governors of The Federal Reserve System
Minister Flaherty,
The Board of Governors has reviewed your government's request for a loan. I am pleased to inform you that The Board of Governors has unanimously approved a line of credit of $6,000,000,000.00 to the Kingdom of Canada. We offer loans over periods of: 3 months, 4 months, 5 months, and 6 months. Below are the repayment requirements for each one of those loans:
(3 IRL)-Month Loan Repayment
Payment 1: $2,340,000,000.00 on [August 31, 2023]
Payment 2: $2,340,000,000.00 on [September 30, 2023]
Payment 3: $2,340,000,000.00 on [October 31, 2023]
(4 IRL)-Month Loan Repayment
Payment 1: $1,770,000,000.00 on [August 31, 2023]
Payment 2: $1,770,000,000.00 on [September 30, 2023]
Payment 3: $1,770,000,000.00 on [October 31, 2023]
Payment 4: $1,770,000,000.00 on [November 31, 2023]
(5 IRL)-Month Loan Repayment
Payment 1: $1,434,000,000.00 on [August 31, 2023]
Payment 2: $1,434,000,000.00 on [September 30, 2023]
Payment 3: $1,434,000,000.00 on [October 31, 2023]
Payment 4: $1,434,000,000.00 on [November 31, 2023]
Payment 5: $1,434,000,000.00 on [December 31, 2023]
(6 IRL)-Month Loan Repayment
Payment 1: $1,215,000,000.00 on [August 31, 2023]
Payment 2: $1,215,000,000.00 on [September 30, 2023]
Payment 3: $1,215,000,000.00 on [October 31, 2023]
Payment 4: $1,215,000,000.00 on [November 31, 2023]
Payment 5: $1,215,000,000.00 on [December 31, 2023]
Payment 6: $1,215,000,000.00 on [January 31, 2024]
If the Canadian government misses a payment, then that individual payment, it will have a 20% penalty of added to it, and it must be paid on the next payment date. Subsequent delinquencies will also incur a 20% penalty. Your government may issue payments early - before the payment dates - without any penalty.
If His Royal Majesty's government chooses one of the above options, agrees to repay the loan on those dates, and agrees to the terms in this message, then I can authorize a wire transfer of $6,000,000,000.00 to the Kingdom of Canada as soon as possible. If you have any concerns or questions, I will be happy to assist.
(3 IRL)-Month Loan Repayment
Payment 1: $2,340,000,000.00 on [August 31, 2023]
Payment 2: $2,340,000,000.00 on [September 30, 2023]
Payment 3: $2,340,000,000.00 on [October 31, 2023]
(4 IRL)-Month Loan Repayment
Payment 1: $1,770,000,000.00 on [August 31, 2023]
Payment 2: $1,770,000,000.00 on [September 30, 2023]
Payment 3: $1,770,000,000.00 on [October 31, 2023]
Payment 4: $1,770,000,000.00 on [November 31, 2023]
(5 IRL)-Month Loan Repayment
Payment 1: $1,434,000,000.00 on [August 31, 2023]
Payment 2: $1,434,000,000.00 on [September 30, 2023]
Payment 3: $1,434,000,000.00 on [October 31, 2023]
Payment 4: $1,434,000,000.00 on [November 31, 2023]
Payment 5: $1,434,000,000.00 on [December 31, 2023]
(6 IRL)-Month Loan Repayment
Payment 1: $1,215,000,000.00 on [August 31, 2023]
Payment 2: $1,215,000,000.00 on [September 30, 2023]
Payment 3: $1,215,000,000.00 on [October 31, 2023]
Payment 4: $1,215,000,000.00 on [November 31, 2023]
Payment 5: $1,215,000,000.00 on [December 31, 2023]
Payment 6: $1,215,000,000.00 on [January 31, 2024]
If the Canadian government misses a payment, then that individual payment, it will have a 20% penalty of added to it, and it must be paid on the next payment date. Subsequent delinquencies will also incur a 20% penalty. Your government may issue payments early - before the payment dates - without any penalty.
If His Royal Majesty's government chooses one of the above options, agrees to repay the loan on those dates, and agrees to the terms in this message, then I can authorize a wire transfer of $6,000,000,000.00 to the Kingdom of Canada as soon as possible. If you have any concerns or questions, I will be happy to assist.
Best regards,
Avery Black, Ph.D.
Vice Chair of The Federal Reserve System