RBC issues statement regarding the Canadian non-bank sponsored
asset-backed commercial paper market
TORONTO, August 16, 2007 — RBC welcomes the
initiative announced this morning on a proposed solution to
the liquidity problem faced by the Canadian non-bank administered
asset-backed commercial paper market. RBC will support actions
to achieve an orderly resolution over the work out period.
As we have previously stated, RBC does not have significant
exposure to this market.
RBC continues to provide active secondary support for its
own RBC-administered asset-backed commercial paper conduits
programs, which have not experienced liquidity issues. None
of RBC's Canadian conduits holds any structured finance assets
or issues extendible asset-backed commercial paper. All of
RBC's programs have fully committed liquidity facilities and
do not require a market disruption to occur for the liquidity
to be available. In addition, all of RBC's programs benefit
from a program-wide credit enhancement facility provided exclusively
by RBC.
- 30 -
For further information, please contact:
Katherine Gay, (416) 974-6286
Beja Rodeck, (416) 974-5506
|
