March 13, 2020 / 6:26 PM / 15 days ago

BRIEF-Bank Of Canada cuts key overnight interest rate to 0.75% from 1.25%

March 13 (Reuters) -

* CANADA IS “READY TO TAKE EXTRAORDINARY MEASURES” TO COMBAT CORONAVIRUS OUTBREAK, SAYS FINANCE MINISTER MORNEAU

* BANK OF CANADA CUTS KEY OVERNIGHT INTEREST RATE TO 0.75% FROM 1.25%

* BANK OF CANADA SAYS CUT IS “A PROACTIVE MEASURE TAKEN IN LIGHT OF THE NEGATIVE SHOCKS TO CANADA’S ECONOMY ARISING FROM THE COVID-19 PANDEMIC AND THE RECENT SHARP DROP IN OIL PRICES”

* BANK OF CANADA SAYS IT IS READY TO ADJUST MONETARY POLICY FURTHER IF REQUIRED TO SUPPORT ECONOMIC GROWTH AND KEEP INFLATION ON TARGET

* CANADA WILL ESTABLISH CREDIT SUPPORT PROGRAM TO PROVIDE ADDITIONAL C$10 BILLION TO BUSINESSES AND STIMULATE ECONOMY - MORNEAU

* BANK OF CANADA SAYS CORONAVIRUS IS HAVING SERIOUS CONSEQUENCES FOR ECONOMY, SAYS LOWER OIL PRICES WILL WEIGHT HEAVILY ON ECONOMY

* CANADA FINANCE MINISTER BILL MORNEAU SAYS CANADA IS PREPARING A SIGNIFICANT STIMULUS PROGRAM, TO BE RELEASED NEXT WEEK

* CANADA’S CHIEF FINANCIAL SUPERINTENDENT SAYS LOWERING DOMESTIC STABILITY BUFFER REQUIREMENT FOR MAJOR BANKS TO 1.25% OF RISK-WEIGHTED ASSETS

* DOMESTIC STABILITY BUFFER MOVE WILL ADD ADDITIONAL C$300 BILLION IN LENDING CAPACITY, OFSI HEAD SAYS

* HEAD OF OFSI SAYS IT HAS HALTED ALL CONSULTATIONS ON MORTGAGE RATE STRESS TEST CHANGES

* CANADA GOVERNMENT IS CONTINUING TO PLAN FOR EVERY EVENTUALITY, WILL BE “NIMBLE N OUR RESPONSES”, SAYS FINANCE MINISTER

* BANK OF CANADA GOVERNOR POLOZ, ASKED IF HE WILL PUT BACK PLANNED RETIREMENT DATE, SAYS NO

* BANK OF CANADA GOVERNOR POLOZ SAYS MAIN FUNDAMENTAL THAT CHANGED SINCE LAST WEEK IS THAT OIL PRICES FELL AND THIS SIGNS OF PERSISTING

* BANK OF CANADA GOVERNOR SAYS POLICY ACTIONS MEANT TO BUTTRESS BUSINESS CONFIDENCE

* BANK OF CANADA GOVERNOR SAYS HE BELIEVES STORM IS TEMPORARY BUT EVENTS COULD BE PROLONGED

* CANADA WILL DO WHATEVER IT TAKES TO STABILIZE THE ECONOMY - FINANCE MINISTER

* SCALE OF CANADIAN GOVERNMENT’S RESPONSE TO CRISIS WILL BE SET AGAINST THE SCALE OF THE CHALLENGE - FINANCE MINISTER

* BANK OF CANADA GOVERNOR POLOZ SAYS “WE HAVE A VARIETY OF OTHER TOOLS IN THE TOOL KIT” TO ADDRESS CRISIS

* BANK OF CANADA GOVERNOR SAYS BANK CAN PUT PLENTY OF LIQUIDITY INTO THE HANDS OF THE BANKS IF NEEDED

* BANK OF CANADA GOVERNOR SAYS AT THE MOMENT MARKETS ARE FUNCTIONING WELL

* BANK OF CANADA GOVERNOR POLOZ SPOKE TO CHAIRMAN OF U.S. FEDERAL RESERVE ON FRIDAY - FINANCE MINISTER

* BANK OF CANADA GOVERNOR POLOZ SAYS HE DOESN’T LIKE THE IDEA OF NEGATIVE INTEREST RATES THAT MUCH

* BANK OF CANADA GOVERNOR POLOZ SAYS NEGATIVE INTEREST RATES “VERY UNLIKELY TO BE NEEDED” GIVEN FISCAL FIREPOWER AVAILABLE

* NEWS CONFERENCE BY CANADIAN FINANCE MINISTER, CENTRAL BANK GOVERNOR ENDS Source text for Eikon: Further company coverage: [ ] (Reporting by David Ljunggren)

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