As part of an exercise to test the operational readiness of existing standing swap arrangements with other central banks, the Bank of Canada will conduct a small-value Canadian-dollar operation with the European Central Bank, drawing euros against Canadian dollars. This operational readiness exercise is a measure of prudent advance planning by the Bank of Canada and the Bank intends to conduct similar exercises in the future.

The Bank continues to judge that it is not necessary for it to draw on any of the existing standing swap facilities at this time, other than for the purpose of testing operational procedures.

For further information, please contact:

Ron Allenby
Assistant Director
Financial Markets Department
Bank of Canada
613 782-8046

Media Relations
Bank of Canada
613 782-8782