Ottawa, December 19, 2008
2008-108

Archived - Governments agree to support restructuring of non-bank sponsored Asset-Backed Commercial Paper

Archived information

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The Honourable Jim Flaherty, Minister of Finance, today made the following statement on an agreement to support the Montreal Accord restructuring plan for non-bank sponsored asset-backed commercial paper (ABCP):

"The Government of Canada has agreed to partner with the governments of Quebec and Ontario in the provision of a senior funding facility to support a restructuring of non-bank asset backed commercial paper. Discussions with the Government of Alberta are on-going.

"We expect that this will allow the investors and asset providers to achieve a stable and effective restructuring agreement.

"A successful restructuring agreement will protect financial stability and the health of Canada's financial markets."

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For further information, media may contact:

Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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