Government of Yukon's investment in asset-backed commercial paper : Department of Finance. : FA3-117/2008E-PDF

"In summer 2007, the Government of Yukon invested a total of $36.5 million in asset-backed commercial paper issued by two trusts (asset-backed commercial paper is a short-term investment in securities backed by a variety of assets such as mortgages, car loans, and credit card balances). The securities were to mature on 31 August 2007 and 4 September 2007. Along with many other investors in asset-backed commercial paper, the Government was unable to recoup its investment at the maturity dates. On 9 November 2007, the Office of the Auditor General of Canada became aware of questions regarding whether the Government had complied with Yukon’s Financial Administration Act when it made the investment. Given that we assess compliance with authorities as part of our annual audit of the Government’s financial statements, we decided to review this matter and report our findings to the Legislative Assembly"--Main Points.

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