Ottawa, January 21, 2009
2009-008

Archived - Minister of Finance Welcomes Implementation of ABCP Restructuring Plan

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The Honourable Jim Flaherty, Minister of Finance, today welcomed the official closing of a plan to restructure non-bank sponsored asset-backed commercial paper (ABCP). In December, the Government of Canada agreed to partner with the governments of Quebec, Ontario and Alberta in the provision of a senior funding facility to support a restructuring of non-bank ABCP.

"I am pleased that after a long and difficult process, investors will now begin to get their money back," said Minister Flaherty.

"I congratulate all participants for their hard work and collective patience over the last 18 months. This agreement will provide a stable and effective result for investors and asset providers."

"The Government is supporting this plan, along with our provincial partners, as part of its ongoing commitment to protect Canada's financial stability and ensure the health of our capital 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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