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TD Bank Financial to support Montreal Accord

TD Bank Financial Group has confirmed that the bank will provide financial support to the Montreal Accord, an agreement which aids in the restructuring of the non-bank sponsored asset-backed commercial paper market.

TD’s financial participation will not be material to the bank, reflecting the fact TD did not have exposure to the non-bank asset-backed commercial paper market.

Ed Clark, president and CEO of TD Bank Financial Group, said: In light of continued challenges facing financial markets, TD was asked to play a role and we’ve agreed on the basis that both the government and the Montreal Accord committee indicated our participation is critical to the overall success of the restructuring process.