On behalf of the Minister of Finance, it was announced today that Canada has renegotiated its existing U.S.$6.0 billion standby credit facility with international banks. The maturity date has been extended from 2000 to 2003; no other changes were made to the terms of the facility.

The renegotiated U.S.$6.0 billion facility has been syndicated globally by The Chase Manhattan Bank (as book manager, lead arranger, and administrative agent), Citibank, N.A. (as syndication agent), Deutsche Bank AG (as documentation agent), and Morgan Guaranty Trust Company of New York (as documentation agent).

Other members of the syndicate include Westdeutsche Landesbank Girozentrale, Bayerische Landesbank Girozentrale, ABN AMRO Bank N.V., Banca Commerciale Italiana, Bank of America NT & SA, The Bank of Tokyo-Mitsubishi, Ltd., Barclays Bank plc, Commerzbank AG, Crédit Lyonnais, Credit Suisse First Boston, DG Bank Deutsche Genossenschaftsbank AG, Dresdner Bank AG, Midland Bank plc, National Westminster Bank, plc, Rabobank Nederland, Société Générale, UBS AG, Banca Popolare di Milano, Banque Nationale de Paris, Banque Paribas, Cariplo-Cassa di Risparmio delle Provincie Lombarde S.p.A., Comerica Bank, Dai-Ichi Kangyo Bank, First National Bank of Chicago, The Industrial Bank of Japan, Limited, Instituto Bancario San Paolo Di Torino, SpA, Norddeutsche Landesbank Girozentrale, The Norinchukin Bank, Republic National Bank of New York, and Sumitomo Bank, Limited.

For further information contact:

Ron Morrow
Domestic and Foreign Financing
Bank of Canada
(613) 782-8580

Rob Stewart
Financial Markets Division
Department of Finance
(613) 992-4468