Supporting our employees, members and clients during the pandemic
When the World Health Organization declared COVID-19 a global pandemic in March 2020, Central 1 enacted our Pandemic Response Plan and established a cross-functional response team to ensure we could make quick decisions.
The health and well-being of Central 1’s employees, members, clients and communities were a top priority.
Approximately 98 per cent of staff worked remotely, apart from a very few critical roles. Our robust IT infrastructure enabled Central 1 to seamlessly continue supporting our day-to-day operations. We provided staff with additional health and wellness support and launched monthly Pulse Check surveys to receive feedback from employees.
Support for member and clients
We facilitated approximately $5 billion of new securitization transactions and a $176 million Insured Mortgage Purchase Program transaction to support our member’s liquidity management. We also secured access to the Bank of Canada’s Standing Term Liquidity Facility and Commercial Paper Purchase Program. We offered principal and interest deferral options to our Commercial Lending clients and developed special deposit notes to support excess liquidity.
Digital and Payment Services
We processed a record number of Interac e-Transfer® transactions as more Canadians used electronic payments. In partnership with Canada Revenue Agency and Payments Canada, we implemented a system-wide initiative, providing Canadians with quick access to register for CRA payments, including the Canada Emergency Response Benefit. We worked with Export Development Canada to establish credit union access to the Canada Emergency Business Account loan program, facilitating 28,000 applications worth over $1 billion in loans. We also streamlined and accelerated our Digital Banking Platform launches and product enhancements.
As the pandemic continues to unfold, Central 1 is focused on supporting our employees, members and clients.