The global credit crisis had gathered steam during the 2007-2008 period. It was compounded by a stock market collapse in October 2008. In the last months of 2008, she played a key role in developing a joint effort by the Alberta, Ontario and Federal governments, and of course that of Quebec, in providing guarantees to holders of asset backed commercial paper. This financial crisis had until then a relatively mild impact of the Quebec economy. This however was to change in the last days of 2008 and the first months of 2009.