The Bank of Canada is pleased that substantial progress towards establishing a broad framework for the restructuring of the third-party structured asset-backed commercial paper (ABCP) under the Montreal Accord has been made by the parties involved. All participants in Canada's financial markets will benefit from an orderly resolution of the situation. Recognizing the complexity of the issues involved, the Bank looks forward to the announcement in January of finalized term sheets and to completion of the restructuring process by March, 2008.