In accordance with the schedule of Term Loan Facility (TLF) auctions announced on 28 November, the Bank of Canada announced today that it will enter into a 30-day TLF transaction as follows:

Amount Auction Date Settlement Date Maturity Date
$2 billion 22 December 2008 23 December 2008 22 January 2009

Terms and conditions for the TLF are available at https://www.bankofcanada.ca/en/notices_fmd/2008/term_tlf_121108.html.

The auction will be held on 22 December at 9:15 (ET) and the results of this operation will be announced on the Bank's web site at 10:15 (ET). The total amount of assets acquired through this TLF 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