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Bank of Canada Announces Details of its 84 Day Term PRA Transaction

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 84-day term PRA transaction as follows:

Amount Auction Date Settlement Date Maturity Date
$6 billion 13 January 2009 15 January 2009 9 April 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 13 January 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 transaction on 12 February 2009 and on 12 March 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

Content Type(s): Press, Market notices