The Bank of Canada (BOC)’s framework for market operations and liquidity provision in normal times is comprehensive and well-articulated. System-wide liquidity conditions are stable, market rates are closely aligned with the announced policy rate, and the BOC has many channels to provide liquidity against a broad range of collateral. The planned modernization of the payment systems, with a move towards the real-time gross settlement (RTGS) platform, will likely result in a substantial increase in the demand for collateral. Therefore, the BOC should enhance its monitoring of collateral availability. Furthermore, the BOC should improve further its capacity to price collateral, including the use of theoretical models, and update its valuation of banks’ loan portfolios more frequently.