Minister of Finance Welcomes Plan for a Market-Led Restructuring of Asset-Backed Commercial Paper

    OTTAWA, Dec. 23 /CNW Telbec/ - The Honourable Jim Flaherty, Minister of
Finance, issued the following statement today:
    "I am pleased that an agreement-in-principle has now been reached among
parties to the Montreal accord for the restructuring of non-bank asset-backed
commercial paper.
    The Government has been monitoring this market-led process closely and it
recognizes the contribution of all participants to moving forward a plan for
an orderly resolution.
    In particular, I wish to congratulate Purdy Crawford for his leadership
in building a compromise solution.
    The momentum of the last weeks is very positive. Going forward, it will
be important that detailed information is made available to all investors and
that arrangements are finalized at the earliest opportunity.
    This is a welcome development for Canada's capital markets. I trust the
plan will be given very serious consideration by all concerned parties."

For further information:

For further information: media may contact: Chisholm Pothier, Press
Secretary, Office of the Minister of Finance, (613) 996-7861; David Gamble,
Media Relations, Department of Finance, (613) 996-8080;; If you
would like to receive automatic e-mail notification of all news releases,
please visit the Department of Finance website at

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