Ottawa, December 15, 2007

Archived - Minister of Finance Welcomes Progress Toward Market-Led Restructuring of Asset-Backed Commercial Paper

Archived information

Archived information is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.

The Honourable Jim Flaherty, Minister of Finance, issued the following statement today:

"I welcome the announcement today of progress toward a restructuring of the asset-backed commercial paper covered by the Montreal Accord.

The Government has been monitoring this market-led process closely and recognizes the complexity of the restructuring. It is reasonable that such an undertaking would require more time.

All participants in Canada's financial markets have an interest in ensuring a fair and orderly resolution to this situation, and I urge them to continue to work toward that end.

An early, successful restructuring is the best way for investors to have access to funds while realizing the best value for their investments over time."

For further information, media may contact:

Chisholm Pothier
Press Secretary
Office of the Minister of Finance
David Gamble
Media Relations
Department of Finance

If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance website at