In accordance with the schedule of term purchase and resale agreement (PRA) auctions announced on 1 December, the Bank of Canada announced today that it will enter into a 28-day term PRA transaction as follows:

Amount Auction Date Settlement Date Maturity Date
$10 billion 9 December 2008 11 December 2008 8 January 2009

Further details for this operation, including the eligible securities, are available in the Terms and Conditions of the PRA Facility.

The auction will be held on 9 December at 9:30 (ET) and the results of this operation will be announced on the Bank's web site at 10:30 (ET). The total amount of assets acquired through this term PRA operation will be announced on the Bank's web site on the settlement day by 16:45 (ET). These transactions will also be reflected on the Bank of Canada's balance sheet.

The Bank will continue to provide additional term liquidity as long as conditions in financial markets warrant.

For further information, please contact:
Jeremy Harrison
613 782-8782