central bank transaction was referenced under "securities purchased for resale" from Canada's major banks. It was termed advances to members of the Canadian Payments Association and were liquidity loans made under the bank's standing liquidity facility as well as term advances made under the bank's commitment to provide term liquidity to the Canadian financial system. Framework for unconventional monetary policy measures In December 2015, the Bank of Canada forecasted increasing annual growth throughout 2016 and 2017, with the Canadian economy reaching full capacity mid-2017. With this annual growth, the bank estimated the effective lower bound for its policy interest rate to hit approximately 0.5 per cent. This is differing from the bank's 2009 assessment of 0.25 per cent. To ensure Canada's monetary system remains intact should another financial crisis take place, for example, the 2007-2008 global financial crises, the Bank of Canada has put forward a framework for the use of unconventional monetary policy measures. Principles surrounding the use of unconventional policies have not changed since 2009. Although each crisis is unique, the bank will ensure it attains its primary focus of achieving the inflation rate. The Bank of Canada has established these unconventional monetary policy measures after reflecting on its previous annex in its April 2009 MPR, as well as how other central banks responded to the global financial crisis. These measures are in place so, in the improbable circumstance the economy is hit with another significant negative financial shock, the Bank of Canada has principles it can reference. These measures are strictly hypothetical and are in no means being embarked upon at any foreseeable date. The unconventional monetary policy measures is also a living document; because the post-crisis adjustment process continues to develop and best practices are still being garnered, these measures will continue to be worked on and altered as needed. The framework for the use of unconventional monetary policy measures includes the following four tools: Forward guidance on the future path of its policy rate; Stimulating the economy through large-scale asset purchases, otherwise known as quantitative easing; Funding to ensure credit is available to key economic sectors, and; Moving its policy rate below zero to encourage spending. Forward guidance The first option within the Bank of Canada's toolkit for its framework for the use of unconventional monetary policy measures is forward guidance as it relates to substantial impacts for the future. An example of forward guidance