Feds’ unheralded $102B rainy day fund kept for the improbable, like cyberattacks
OTTAWA — The federal government committed hundreds of millions of dollars in its recent budget to help reinforce Canada’s cyber defences — but if the effort fails to prevent a major attack, Ottawa can always turn to its little-known $102-billion emergency stash.
The rainy day fund of highly liquid assets is available to keep the government running for at least a month should the country ever find itself confronted by a severe crisis, such as a cyberattack that impairs access to financial markets.
The assets are held in what the government calls its “prudential liquidity plan,” part of which can be compared to a chequing account that offers Ottawa quick access to the funds, if necessary.
A recently released briefing note for Finance Minister Bill Morneau explained details about the unheralded plan.