Similarly, the CSCF was announced with a maximum capacity of C$12 billion, with actual utilization falling slightly below C$4 billion.
Both TALF and CSCF provided a benefit to their respective markets that went beyond their impact upon those availing themselves of the programs.
TALF and CSCF provided the required nudge to market dynamics, albeit in different fashions.
In June 2009, the CSCF offered funding for AAA-rated auto and equipment loans and lease-backed ABMTNs at a spread of 350 basis points, and originators claimed allocations exceeding the available C$12 billion.
Ford Canada quickly sealed the deal, locking in a spread just above the CSCF-offered rate, presumably choosing to continue to develop its conventional investor base and avoid the necessity of modifying its global ABS platform to meet the eligibility requirements for CSCF funding.
In Canada, the CSCF program was a targeted program from the outset, reflecting an industrial policy overlay that was clearly focused upon the Canadian impact of the serious challenges to the North American auto manufacturing sector.
The direct performance monitoring of critical IMS core elements, including CSCF
multimedia telephony (MMTel), 3GPP single radio voice call continuity (SRVCC), distributed DNS and DRA-based HSS, is also provided.