In 1938 Bank of Canada became a Crown corporation belonging to the federal governmen under the Minister of Finance.

http://www.bankofcanada.ca

The Bank of Canada (BoC) is Canada's central bank and "lender of last resort". Under the Payment Clearing and Settlement Act (PCSA), the Bank has a formal responsibility for the oversight of systemic risk in designated clearing and settlement systems.

The responsibilities of the Bank are: monetary policy; sole issuer of Canadian banknotes and currency; the promotion of a safe, sound financial system within Canada; and funds management and central banking services "for the federal government, the Bank and other clients."

Oversight Activities during 2011 under the Payment Clearing and Settlement Act

Systemically important payment, clearing and settlement systems involving Canadian dollars.

http://en.wikipedia.org/wiki/Bank_of_Canada