In accordance with the schedule of term purchase and resale agreement (PRA) auctions for private sector instruments announced on 6 March, the Bank of Canada announced today that it will conduct a 28-day term PRA operation for private sector instruments as follows:

Amount Auction Date Settlement Date Maturity Date
$1 billion 31 March 2009 2 April 2009 30 April 2009

The minimum bid rate for the auction will be announced on the Bank's web site at 9:00 (ET) on the day of the auction.

Primary Dealers (PDs) are asked to submit the bids of their indirect bidders between 9:15 and 9:30 (ET) on 31 March to the Bank of Canada. The results of this operation will be announced on the Bank's web site at 10:30 (ET). PDs must notify the Bank of Canada of the securities that will be used in the operation, by their indirect bidders, 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 new Term PRA for Private Sector Instruments.

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

Market participants requesting further information are asked to contact .

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613 782-8782