On October 10, 2008 Finance Minister Flaherty announced a $25 billion emergency funding program for the banking sector, to be administered through Canada Mortgage and Housing Corporation. CMHC immediately retained BLG partners Rosalind Morrow (corporate and securities) and Stephen Redican (banking and structured finance) to represent it in the new emergency funding operation. First drawdowns under the operation were launched on October 16, 2008 and Minister Flaherty announced on November 12, 2008 a $50 billion expansion in the funding operation to $75 billion."