Ottawa, December 19, 2008
Archived - Governments agree to support restructuring of non-bank sponsored Asset-Backed Commercial Paper
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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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Department of Finance
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