Annual lists 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995

Ottawa, August 8, 2002
2002-067

Renegotiation of Standby Credit Facility

Maurizio Bevilacqua, Secretary of State (International Financial Institutions), announced today that Canada has renegotiated its existing US$6-billion standby credit facility with international banks. The maturity date has been extended from 2003 to 2007. No other changes were made to the terms of the facility.

The existing standby credit agreement has been in place since June 23, 1978, and was last amended on September 9, 1998. The facility has not been used since 1986.

The facility has been syndicated globally by JPMorgan Chase Bank (as administrative agent), Deutsche Bank AG (as syndication agent), and Bank of America, N.A., Citibank, N.A. and HSBC Bank U.S.A. (as co-documentation agents).

Other members of the syndicate include Bank Brussels Lambert s.a., BNP Paribas, Dresdner Bank AG, Rabobank Nederland, Royal Bank of Scotland plc, ABN AMRO Bank N.V., Bayerische Landesbank, CDC-Finance - CDC-IXIS, Crédit Agricole Indosuez, Merrill Lynch Bank USA, Mizuho Corporate Bank, Ltd., Sanpaolo IMI S.p.A., Société Générale, UBS AG, Comerica Bank, Bank One, NA, The Bank of Tokyo-Mitsubishi, Ltd. and IntesaBci.

___________________
For further information:

If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance Canada Web site at http://www.fin.gc.ca/scripts/register_e.asp.