During the Financial Crisis That Began in 2008,the Bank of Canada

During the financial crisis that began in 2008,the Bank of Canada took actions to increase the amount of reserves in the banking system.(They were "injecting liquidity.") However,the money supply (M2+) did not increase as predictably as it would have at other times.Why not?

A) The banks formally increased their target reserve ratios to over 40% due to the increased risks in the Canadian economy.
B) The panic in the world's financial sector led to a massive reduction in all types of lending from financial institutions.
C) The banks formally increased their target reserve ratios to 20% due to the increased risks in the Canadian economy.
D) The large and sudden increase in excess reserves at the commercial banks led to a significant increase in lending and a subsequent reduction in M2+.
E) The panic in the world's financial sector led to a massive increase in all types of lending from financial institutions.