On 12 December 2007, the Bank of Canada announced that it would enter into term purchase and resale agreements (term PRAs) extending over the calendar year with maturities on 4 January and 10 January 2008. Since that announcement, pressures in short-term money markets have eased from their earlier peaks, although spreads have not yet returned to historical levels. The Bank will continue to monitor developments in financial markets and the case for further term operations will be reviewed in light of money market conditions.