Six Largest Canadian Banks confirm commitment to bank-sponsored
ABCPs
MONTREAL/TORONTO, August 21, 2007 — Following
discussions earlier today, the CEOs of BMO, Canadian Imperial
Bank of Commerce, National Bank, RBC, Scotiabank and TD Bank
Financial Group affirmed their commitment to work together
to ensure that markets for bank-sponsored asset backed commercial
paper (ABCP) continue to perform satisfactorily. This commitment
is backed by the Banks' strong capital positions, reflects
their confidence in the quality of the underlying assets,
and is supported by their ongoing commitment to provide liquidity
for bank-sponsored ABCP on maturity.
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For further information:
Ralph Marranca, BMO Financial Group, (416) 867-3996;
Rob Macleod, CIBC, (416) 980-3714;
Denis Dubé, National Bank of Canada, (514) 394-8644;
Beja Rodeck, RBC, (416) 974-5506;
Frank Switzer, Scotiabank, (416) 866-7238;
Simon Townsend, TD Bank Financial Group, (416) 944-7161
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