A rescue plan for the Canadian asset-backed commercial paper market should be ready for investor review by Dec. 14, according to the chairman of the planning committee, reports the Edmonton Journal. “We've got, on the whole, good paper, and barring a meltdown throughout the world ... we can do this,” said Purdy Crawford. “[The restructuring will be completed] long before they get a solution in the U.S.” The U.S. Treasury Department is working with a number of major banks on a plan that many market participants hope will increase liquidity in the American short-term credit market.
Canadian ABCP Rescue Plan Set For December