Ottawa, February 4, 2008

Archived - Minister of Finance Welcomes Further Progress on Restructuring of Asset-Backed Commercial Paper

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

"I welcome the further progress announced today by the Pan-Canadian Investors Committee toward the restructuring of non-bank asset-backed commercial paper (ABCP), including the participation of Canadian banks.

The Government has been monitoring this market-led process closely and recognizes the contribution of all participants to the restructuring plan announced on December 23.

I appreciate the complexity of this undertaking. As the process moves forward, it will be important that detailed information be made available to all investors at the earliest opportunity.

A fair and successful restructuring of the non-bank ABCP is important for Canada's capital markets, and I encourage all parties to continue their efforts to arrive at a satisfactory and timely solution."

For further information, media may contact:

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

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