PC Number: 2003-0312

Date: 2003-03-20

                 Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, hereby:

(a) pursuant to subsections 44(1) and (3) of the Financial Administration Act and subject to paragraph (d), authorizes the Minister of Finance to

(i) borrow money by any means that the Minister considers appropriate, and

(ii) enter into any contract or agreement, issue securities and do any other thing relating to the borrowing of money that the Minister considers appropriate;

(b) pursuant to section 46.1 of the Financial Administration Act, authorizes the Minister of Finance to borrow money to

(i) pay any amount that is required to be paid in the 2003-2004 fiscal year in respect of any money borrowed under the authority of that Act, other than section 47 of that Act, or under any other Act of Parliament, or

(ii) extinguish or reduce any liability of Canada that the Minister is of the opinion should be extinguished or reduced;

(c) pursuant to section 2 of the Borrowing Authority Act, 1996-97, authorizes the Minister of Finance to raise money under the Financial Administration Act by way of loan or by the issue and sale of securities of Canada;

(d) pursuant to subsection 44(2) of the Financial Administration Act, specifies $181 billion to be the maximum aggregate principal amount of money that may be borrowed by the Minister of Finance in the 2003-2004 fiscal year;

(e) pursuant to section 50 of the Financial Administration Act,

(i) designates any one of the persons occupying from time to time the position of Senior Associate Deputy Minister of Finance, Assistant Deputy Minister of Finance, General Director, Financial Sector Policy Branch, Department of Finance, Director, Financial Markets Division, Department of Finance, Senior Chief, Debt Management Policy Section, Financial Markets Division, Department of Finance, or Chief, Reserves and Risk Management Section, Financial Markets Division, Department of Finance, as a person who may sign on behalf of the Deputy Minister of Finance or countersign security certificates and interest coupons, if any but a person who has signed such security certificates and interest coupons may not countersign them, and

(ii) designates any one of the persons occupying from time to time the position of President and Chief Executive Officer, Canada Investment and Savings, Department of Finance, Deputy Governor, Bank of Canada, Advisor, Bank of Canada, or Director, Debt Administration Office, Bank of Canada, as a person who may countersign security certificates and interest coupons, if any;

(f) pursuant to subsection 51(2) of the Financial Administration Act, authorizes the Minister of Finance to do anything referred to in paragraphs 51(1)(a) to (c) of that Act for the 2003-2004 fiscal year; and

(g) pursuant to section 55 of the Financial Administration Act, authorizes the payment out of the Consolidated Revenue Fund of

(i) the remuneration and compensation of registrars and fiscal agents appointed under section 51 of that Act,

(ii) all costs, expenses and charges incurred in the negotiation or raising of loans or in the issue, redemption, servicing, payment and management of any loan and any securities issued in respect thereof, and

(iii) all money required to be paid under contracts and agreements entered into under Part IV of the Financial Administration Act, either before or after the coming into force of section 23.2 of the Budget Implementation Act, 1999.