In accordance with the schedule of Term Loan Facility (TLF) auctions announced on 6 March, the Bank of Canada announced today that it will conduct a 30-day TLF operation as follows:

Amount Auction Date Settlement Date Maturity Date
$2 billion 30 March 2009 31 March 2009 30 April 2009

Eligible participants are asked to submit their bids between 9:15 and 9:30 (ET) on 30 March to the Bank of Canada. The results of this operation will be announced on the Bank's web site at 10:30 (ET).

The total amount of funds allocated through this TLF operation will be announced on the Bank's web site on the settlement day by 16:45 (ET). This operation will also be reflected on the Bank of Canada's balance sheet.

Further details for this operation are available in the Terms and Conditions for the TLF Facility.

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

For further information, please contact:

613 782-8782