Since 19 September 2008, the Bank of Canada has conducted eleven Purchase and Resale Agreement (PRA) operations to provide liquidity to Canadian term lending markets 1. The Bank will continue to extend term liquidity to the market and today is publishing the schedule of its term PRA operations to the end of January.

Auction (Settlement)
Date
New Amount
(millions)
Amount Maturing
(millions)
Term (Days) Maturity Date
December
2 (4)* $3,000 91 5 March
9 (11)* minimum $10,000 $10,000 28 8 January
16 (18)* minimum $6,000 $6,000 28 15 January
19 (23)* minimum $6,000 $6,000 30 22 January
January
6 (8) minimum $4,000 minimum $14,000 28 5 February
13 (15) minimum $3,000 minimum $6,000 84 9 April
20 (22) minimum $4,000 minimum $10,000 28 19 February
27 (29) minimum $4,000 28 26 February

* These term PRAs were originally announced 3 November as part of the Bank's schedule of future term PRA transactions.

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

The next auction will be held on 2 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 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.

Participants will have the right to substitute the securities underlying the December 2nd transaction on 8 January 2009 and on 5 February 2009, subject to notice by noon on the previous business day and in accordance with the Bank's Purchase and Resale Agreement.

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