Bank of Canada Announces Details of its Term PRA Operation
In accordance with the schedule of term purchase and resale agreement (PRA) auctions announced on 6 March, the Bank of Canada announced today that it will conduct a 27-day term PRA operation as follows:
|Amount||Auction Date||Settlement Date||Maturity Date|
|$4 billion||23 March 2009||26 March 2009||22 April 2009|
Primary Dealers (PDs) and eligible Large Value Transfer System (LVTS) participants are asked to submit their bids between 9:15 and 9:30 (ET) on 23 March to the Bank of Canada. The results of this operation will be announced on the Bank's web site at 10:30 (ET). Winning bidders must notify the Bank of Canada of the securities that will be used in the operation by 12:00 (ET) on the day of the auction.
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). This operation will also be reflected on the Bank of Canada's balance sheet.
Further details for this operation, including the eligible securities, are available in the Terms and Conditions for the PRA Facility.
The Bank will continue to provide additional term liquidity as long as conditions in financial markets warrant.
For further information, please contact: