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Financement Quebec (81QJ)

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Thursday 09 June, 2011

Financement Quebec

Annual Financial Report

RNS Number : 1232I
Financement Quebec
08 June 2011
 

Regulatory Announcement

 

 

Financement-Québec

June 8, 2011

 

 

Re: Financement-Québec (the "Issuer")

 

 

A copy of the full document can be accessed on the link below, or, alternatively, by pasting the following URL into the address bar of your internet browser.

 

Exhibit 99.1 dated June 6, 2011 to the Issuer's Annual Report.

http://www.rns-pdf.londonstockexchange.com/rns/1232I_-2011-6-8.pdf

 

 

 

EXHIBIT 99.1

Financement-Québec

DESCRIPTION

This description of Financement-Québec is dated as of June 6,  2011 and appears as Exhibit 99.1 to Financement-Québec's Annual Report on Form 18-K to the U.S. Securities and Exchange Commission for the fiscal year ended March 31, 2011.

 

The delivery of this document at any time does not imply that the information is correct as of any time subsequent to its date.  This document (otherwise than as part of a prospectus contained in a registration statement filed under the U.S. Securities Act of 1933) does not constitute an offer to sell or the solicitation of an offer to buy any securities of Financement-Québec.

Table of Contents

 

                                                                                                                                                           Page

Foreign Exchange................................................................................................................................. 2

Financement-Québec............................................................................................................................ 4

General................................................................................................................................................. 4

Relationship with Québec..................................................................................................................... 4

Operations of Financement-Québec..................................................................................................... 5

Sources of Funds.................................................................................................................................. 6

Management......................................................................................................................................... 7

Income Statement................................................................................................................................ 8

Balance Sheet....................................................................................................................................... 9

Where You Can Find More Information................................................................................................ 11

Forward‑Looking Statements................................................................................................................ 11

Supplementary Information.................................................................................................................. 12

 

 

 

Foreign Exchange

Canada maintains a floating exchange rate for the Canadian dollar in order to permit the rate to be determined by market forces without intervention except as required to maintain orderly conditions. Annual average noon spot exchange rates for the foreign currencies in which debt of Financement‑Québec is denominated, expressed in Canadian dollars, are shown below.

 


2007

2008

2009

2010

2011(1)


United States Dollar             

$1.0748

$1.0660

$1.1420

$1.0299

$0.9767


(1) Monthly average through the end of May 2011

Source: Bank of Canada.

 

In this document, unless otherwise specified or the context otherwise requires, all dollar amounts are expressed in Canadian dollars.  The fiscal year of Financement-Québec and Québec ends March 31.  "Fiscal 2011" and "2010-2011" refer to the fiscal year ending March 31, 2011 and, unless otherwise indicated, "2010" means the calendar year ended December 31, 2010.  Other fiscal and calendar years are referred to in a corresponding manner. Any discrepancies between the amounts listed and their totals in the tables included in this document are due to rounding.

 

Financement-Québec

General

Created in 1999 pursuant to An Act respecting Financement-Québec (R.S.Q., c. F-2.01) (the "Act"), Financement-Québec is a corporation whose share capital is wholly owned by the Government of Québec (the "Government" or "Québec"). Its objective is to provide financial services to public organizations, in particular by granting loans to them and providing advice to facilitate their access to credit and minimize their cost of financing. Financement-Québec currently makes loans to educational and health and social services entities and municipalities, its enabling legislation also permits loans to other organizations designated by the Government.

Financement-Québec was created to assume some of the functions previously performed by the Financing Fund. The Financing Fund was established in 1991 to provide financing to certain public bodies that had formerly borrowed funds in their own names.  These entities included educational and health and social services organiza-tions as well as other public bodies such as municipalities.

Following an accounting reform announced in 1998, the functions of the Financing Fund were limited to government organizations and enterprises whose results are consolidated in Québec's financial statements. The loans to organizations not consolidated in Québec's financial statements were then transferred to Financement-Québec.

In 2007, the Government undertook a major reform of its accounting policies in order to fully comply with Canadian generally accepted accounting principles (GAAP) applicable to the public sector.  In this regard, as of April 1, 2006, the financial results of public health and social services institutions, school boards and CEGEPs (Collèges d'enseignement général et professionnel), as well as the Université du Québec and its branches, are consolidated in Québec's financial statements. As a result of the reform, most of Financement-Québec's clients now have their financial results consolidated in Québec's financial statements.

The address and phone number of Financement-Québec are 12, rue Saint-Louis, Québec, Québec, Canada, G1R 5L3 and (418) 691-2203, respectively.

Relationship with Québec

Financement-Québec is a mandatary of Québec, the civil law equivalent of an agent, and is under the responsibility of the Minister of Finance (the "Minister"). Despite its status as a mandatary of Québec, Financement-Québec binds none but itself when it acts in its own name.  The property of Financement-Québec forms part of the domain of Québec but execution of Financement-Québec's obligations may be levied against its property.

Borrowings by Financement-Québec must be approved by the Government and it issues debt securities that are guaranteed by Québec.

Pursuant to the Act, Financement-Québec is administered by a board of nine directors consisting of: four directors from the Ministère des Finances (Ministry of Finance); one director representing each of the Ministère de l'Éducation, du Loisir et du Sport (Ministry of Education, Recreation and Sports), the Ministère de la Santé et des Services Sociaux (Ministry of Health and Social Services) and the Ministère des Affaires municipales, des Régions et de l'Occupation du territoire (Ministry of Municipal Affairs, Regions and Land Occupancy); and two other directors. Currently, two seats are vacant.

 

Financement-Québec operates with the support and management expertise of the Ministère des Finances. Financement‑Québec must periodically prepare an operating plan that must be approved by the Minister.  The Minister may issue directives concerning the policy and general objectives to be pursued by Financement-Québec. These directives must be approved by the Government and, once approved, are binding on Financement‑Québec.

Financement-Québec's books and accounts are audited by the Auditor General and the audit report, together with the annual report of operations and complete financial statements, are submitted to the Minister.

Operations of Financement-Québec

To date, Financement-Québec's activities primarily consist of granting loans. Loans made to public entities are principally to fund capital expenditures. Such capital expenditures must have been approved by the Government. In addition to granting loans and providing financial advice to public entities in Québec, Financement-Québec may also develop and implement financing programs for these entities, manage their financial risks, in particular cash and currency risks, and provide them with technical services. These technical services may include financial analysis as well as management and investment of their funds.

Starting in Fiscal 2010, Financement-Québec began undertaking a portion of the short term financing to health and social services entities that was previously funded by the Corporation d'hébergement du Québec; an initial portion amounting to $1,135 million in short-term financing was transferred to Financement-Québec on November 1, 2009 and an additional portion amounting to $1,365 million was added to Financement-Québec's activities in Fiscal 2011. Although most of these loans are to fund capital expenditures, a portion of the loans expected to be transferred in Fiscal 2011 is to fund operational needs of some health and social services entities.

In January 2009, the Canada's Economic Action Plan included a new Municipal Infrastructure Lending Program for Housing-Related Infrastructure (the "Program"). In Québec, Financement-Québec will act as a pass-through for the Program. As at March 4, 2010, representatives of Québec and Canada reached an agreement which would allow Financement-Québec to borrow from Canadian Mortgage and Housing Corporation (CMHC), and lend on the same terms to Québec's municipalities. The terms of the agreement were approved by the Government. The Program ended as at March 31, 2011. On that date, the loans to municipalities amounted to $1,208 million.

Financement-Québec reduces its financial risk associated with loans either i) by obtaining a security interest on the subsidies that these public entities receive from the Government to cover the debt service of such loans, or ii) by obtaining an engagement from the Minister responsible to provide support to entities in order to prevent any default or to compensate Financement-Québec for any default under such loans. Furthermore, loans are made to the public entities with terms matched to the underlying liabilities of Financement-Québec. Sources of revenue to repay these loans come from transfers received by the public entity from Québec and, in the case of municipalities, from their own revenue sources.

Financement-Québec uses interest rate swap contracts to manage interest rate risks on its financial intermediation activities. Interest rate swap contracts give rise to the periodic exchange of interest payments without an exchange of the reference face amount on which the payments are based and are recorded as an adjustment to the interest expense on the covered borrowing instrument. As of March 31, 2011, on a preliminary basis, the nominal value of outstanding interest rate swap contracts in Canadian currency was $17,257 million (March 31, 2010: $14,882 million).

Financement-Québec also uses currency swap contracts to manage its risk exposure under certain borrowing instruments denominated in foreign currencies. Financement-Québec uses currency swap contracts to cover its firm commitments to pay the principal of and interest on the debt denominated in foreign currencies, failing which it would be exposed to a foreign exchange risk. Exchange gains and losses on the principal covered by swap contracts are offset by corresponding exchange losses and gains on the debt denominated in foreign currencies. As of March 31, 2011, on a preliminary basis, the nominal value of outstanding currency rate swap contracts in Canadian currency was $782 million (March 31, 2010: $782 million).

Financement-Québec has outstanding loans to educational institutions, including school boards, colleges and universities, to health and social services entities, including hospitals, local community service centers and institutions for seniors and to municipalities. As of March 31, 2011, on a preliminary basis, the total amount of outstanding loans was $21,859 million, excluding short term investments amounting to $126 million (March 31, 2010: $16,850 million; and no short term investment). The proportion of total loans outstanding for each category of borrowers at that date was: school boards, 29%; colleges, 8%; universities and others, 15%; health and social services, 42% and municipalities, 6%. The operating plan for fiscal year 2011-2012, as presented by Financement-Québec to the Minister, forecasts loans of $1,491 million to be granted to school boards, $395 million to colleges, $949 million to universities, $1,422 million to hospitals and other health and social services entities and $204 million yet to be allocated to the clients served by Financement-Québec.

Sources of Funds

Financement-Québec debt consists of funded and unfunded debt. Unfunded debt is indebtedness with a maturity of one year or less. As of March 31, 2011, on a preliminary basis, funded debt for borrowings of Financement‑Québec on financial markets in its own name, with the guarantee of Québec, amounted to $17,766 million. Financement‑Québec's unfunded debt totals $2,454 million as of March 31, 2011. Furthermore, pursuant to the Act, the Government may authorize the Minister to advance out of the Consolidated Revenue Fund to Financement-Québec any sums considered necessary to perform its obligations or pursue its mission. See Table 1 relating to the funded and unfunded debt for fiscal years 2008, 2009 and 2010 as well as the preliminary results for Fiscal 2011 and the Fiscal 2012 forecast.

Table 1

Funded and unfunded debt

Management

Financement-Québec has an agreement with the Minister under which employees of the Ministère des Finances contribute to the operations of Financement-Québec.

The Minister appoints the Board of Directors and also designates the Chief Executive Officer of Financement-Québec. The current composition of the Board of Directors of Financement-Québec is set forth below.

 

 

Table 2

Current composition of the Board of Directors

Name


Position with Financement‑Québec


Position outside Financement-Québec






Bernard Turgeon


Chairman of the Board,

President and Chief Executive Officer


Associate Deputy Minister

Federal-Provincial Policy

Financing, Debt Management

and Financial Operations

Ministère des Finances

12, rue Saint-Louis, 2e étage

Québec, Québec, Canada, G1R 5L3






Nathalie Parenteau


Vice Chairman of the Board, Executive Vice President and Secretary

Vice-President, Finance


Senior Director-Financing of Public Organizations and Financial Documentation

Ministère des Finances

12, rue Saint-Louis, 2e étage

Québec, Québec, Canada, G1R 5L3






Alain Bélanger


Director


Director General-Financing and Debt Management

Ministère des Finances

12, rue Saint-Louis, 2e étage

Québec, Québec, Canada, G1R 5L3






Claude Ouellet


Director


Assistant Director General for the Budget

Ministère de la Santé et des Services sociaux

1005, chemin Sainte-Foy, 2e étage
Québec, Québec, Canada, G1S 4N4






Jean Monfet


Director


Director General-Municipal Finances

Ministère des Affaires municipales, des Régions et de l'Occupation du territoire
10, rue Pierre-Olivier-Chauveau, 1er étage
Québec, Québec, Canada, G1R 4J3






Jean Pronovost


Director


Corporate Director

3451, Place du Trianon

Québec, Québec, Canada, G1X 2G1

 






Brigitte Guay


Director


Assistant Deputy Minister

Mission Support and

Student Financial Assistance Services

Ministère de l'Éducation, du Loisir et du Sport

1035, de la Chevrotière, 20e étage

Québec (Québec) G1R 5A5






 

Financial Statements 

The data presented in the following tables were prepared by Financement‑Québec from complete financial statements of Financement-Québec for fiscal years 2008, 2009 and 2010, which were audited by the Auditor General, preliminary results for Fiscal 2011 and the Fiscal 2012 forecast, which are included in the Québec Budget of March 17, 2011. The financial statements are prepared by Financement-Québec's management in accordance with generally accepted accounting principles in Canada. The audit was conducted by the Auditor General in accordance with Canadian generally accepted auditing standards (GAAS).

Income Statement

Table 3

Income Statement

(1)  In Fiscal 2009, net interest income increased to $12.2 million from $2.0 million in Fiscal 2008, due mainly to the decrease of short-term rates on borrowings at floating rates, and also reflecting growth in lending activities. In Fiscal 2010, net interest income increased to $33.9 million from $12.2 million in Fiscal 2009 due mainly to another significant decrease of short-term rates on borrowings at floating rates, and also reflecting growth in lending activities. Based on the preliminary results for Fiscal 2011, net interest income increased to $35.9 million from $33.9 million in Fiscal 2010, due mainly to an increase in short term lending activities and a wider gap between short-term lending and borrowing rates.Based on Fiscal 2012 forecast, Financement-Québec expects a decrease of net interest income to $24.2 million, due mainly to expected increase in short-term interest rates.

(2)  Financement-Québec charges, generally at the time of issuance of a loan, management and issuance fees for its services. Net income from management and issuance fees represents management and issuance fees received from clients, minus issuance fees paid on borrowings. In Fiscal 2009, net income from management and issuance fees increased to $9.4 million from $9.2 million in Fiscal 2008, mainly due to growth in lending activities and lower rates of commissions paid for long-term borrowings versus fee rates received from clients. In Fiscal 2010, net income from management and issuance fees increased to $12.6 million from $9.4 million in Fiscal 2009, mainly due to lower rates of commissions paid for long-term borrowings versus fee rates received from clients and growth in lending activities. Based on the preliminary results for Fiscal 2011, net income from management and issuance fees increased to $14.4 million from $12.6 million in Fiscal 2010, due mainly to a material increase in own sourced funds available for loan issuance, generating net revenues from issuance fees. Based on Fiscal 2012 forecast, Financement-Québec expects a decrease of net income from management and issuance fees to $8.8 million, mainly due to the application of standard rates of commissions paid on long-term borrowings.

Balance Sheet

Table 4

Balance Sheet

(1)   Includes $2,667 million of bond premiums and discounts as of March 31, 2011, $4,562 million as of March 31, 2010, $6,370 million as of March 31, 2009 and $9,977 million as of March 31, 2008.

(2)  Including short-term debt of $2,454 million as of March 31, 2011, $1,460 million as of March 31, 2010, $754 million as of March 31, 2009 and $1,171 million as of March 31, 2008.

(3)  Includes $0,882 million of bond and swap premiums and discounts as of March 31, 2011, $12,634 million as of March 31, 2010, ($15,083) million as of March 31, 2009 and $7,356 million as of March 31, 2008.

(4)  Represents accrued interest payable on borrowings and advances, accounts payable and deferred revenue.

 

 

Table 5

Maturities of Financement-Québec Loans and Debt (Borrowings and Advances from Québec)


As of March 31, 2011


(dollar amounts in millions)


Loans


Debt (1)(2)





2012..............................................................................................................

$4,195


$4,413

2013..............................................................................................................

1,673


1,802

2014..............................................................................................................

2,813


3,656

2015..............................................................................................................

4,196


3,516

2016..............................................................................................................

2,146


1,809

2012 - 2016...............................................................................................

$15,023


$15,196

2017 - 2021...............................................................................................

$4,108


$3,917

2022 - 2026...............................................................................................

731


586

2027 - 2031

599


559

2032 - 2036...............................................................................................

1,526


1,522


$21,987


$21,780

Plus: Deferred premium and discounts on borrowings and advances

(2)


4


$21,985


$21,784





(1)    Amounts denominated in foreign currencies are shown at the Canadian dollar equivalent as at March 31, 2011, after taking into account currency swap agreements.

(2)   Presented at their nominal value.

 

 

 

Table 6

Share of Financement-Québec Loans and Debt (Borrowings and Advances from Québec)


As of March 31, 2011


(dollar amounts in millions)


Loans


Debt (1)


$


%


$


%









Fixed rates.................................

16,605


75.5


15,734


72.2

Floating rates(2) .......................

5,380(3)


24.5


6,050


27.8


21,985


100.0


21,784(4)


100.0









(1)     Amounts denominated in foreign currencies are shown at the Canadian dollar equivalent as at March 31, 2011, after taking into account currency swap agreements.

(2)     All loans and debt of less than one year maturity as at March 31, 2011 are reported as floating rates.

(3)   Including current investments.

(4)   Presented at their nominal value.

 

 

Where You Can Find More Information

This document appears as an exhibit to the annual report of Financement-Québec on Form 18-K for the fiscal year ended March 31, 2011 filed with the U.S. Securities and Exchange Commission (the "Commission") on EDGAR through the Commission Internet web site at http://www.sec.gov. Additional information with respect to Financement-Québec is available in the annual report or in other exhibits or amendments to the annual report.  You may read and copy any document Financement-Québec files with the Commission at the Commission's public reference room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549.  Please call the Commission's toll free number at 1-800-SEC-0330 if you need further information about the operation of the Commission's public reference room.  In addition, you may request a copy of these filings at no cost from Financement-Québec, Ministère des Finances du Québec, Direction du financement des organismes publics et de la documentation financière, 12, rue Saint-Louis, Québec, Québec, Canada, G1R 5L3. This document is also available on the Ministère des Finances Internet web site at http://www.finances.gouv.qc.ca. This web site address is an inactive textual reference only and any information available on this web site shall not be deemed to form a part of this document or the annual report in which it appears as an exhibit.

 

 

Forward‑Looking Statements

Various statements made throughout this document are forward looking and contain information about financial results. The words "forecast", "preliminary estimate", "preliminary results" and similar expressions identify forward-looking statements. You are cautioned that any such forward-looking statements are not guarantees of future performance. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements as a result of various factors. You are cautioned not to place undue reliance on these forward‑looking statements, which speak only as of the date of this document. We undertake no obligation to publicly release the result of any revisions to these forward‑looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

 

Supplementary Information

The following tables indicate present or future characteristics of the funded debt as of March 31, 2011.

 

Table 7

Borrowings on the market - Funded Debt as of March 31, 2011


 

A) Payable in Canadian Dollars

 









Canadian Dollars


Maturity Date


Issue Date(1)


Interest Payment Date(s)


Coupon (%)


Nominal Value


Book Value

CUSIP Number

 













 

2011-10-25

2006-02-10

04-25, 07-25,

10-25 & 01-25

Floating

400,000,000


400,000,000

31739ZAE57

 

2011-12-01

2004-06-15

06-01 & 12-01

5.25

1,500,000,000


1,504,149,499

317385AH55

 

2012-04-25

2006-06-09

01-25, 04-25,

07-25 & 10-25

Floating

820,000,000


819,989,225

31739ZAF23

 

2012-11-01

2004-09-02

11-01

5.00

200,000,000


199,836,338

XS0200124120

 

2013-09-16

2007-02-16

03-16, 06-16,

09-16 & 12-16

Floating

1,556,000,000


1,557,939,259

31739ZAH88

 

2013-09-23

2008-10-06

03-23 & 09-23

4.09

600,000,000


600,003,002

31739ZAL90

 

2014-03-01

2006-01-23

03-01 & 09-01

4.25

1,500,000,000


1,494,823,458

31739ZAC91

 

2014-06-01

2009-02-17

06-01 & 12-01

3.25

1,500,000,000


1,505,325,267

31739ZAM73

 

2014-06-09

2007-02-09

03-09, 06-09,

09-09 & 12-09

Floating

200,000,000


200,000,000

XS0286907547

 

2014-12-01

2007-12-03

03-01,06-01,

09-01 & 12-01

Floating

1,542,000,000


1,510,744,788

31739ZAJ45

 

2015-03-10

2005-03-10

06-10, 09-10,

12-10 & 03-10

Floating

200,000,000


200,000,000

XS0214474636

 

2015-10-14

2005-10-14

01-14, 04-14,

07-14 & 10-14

Floating

200,000,000


200,000,000

XS0232639715

 

2015-12-01

2000-09-01

06-01 & 12-01

6.25

309,400,000


308,474,442

317385AD4

 

2015-12-01

2008-05-26

06-01 & 12-01

4.25

1,300,000,000


1,319,969,701

31739ZAK18

 

2016-06-02

2010-03-02

03-02 & 06-02

& 09-02 & 12-02

Floating

1,534,000,000


1,526,543,528

31739ZAP05

 

2016-12-01

2010-02-23

06-01 & 12-01

3.50

1,500,000,000


1,503,143,271

31739ZAN56

 

2017-12-01

2011-01-21

06-01 & 12-01

3,50

600,000,000


596,674,166

31739ZAQ87

 

2034-06-01

2006-07-26

06-01 & 12-01

5.25

1,522,350,000


1,510,392,296

31739ZAG06

 









$16,983,750,000


$17,008,009,738


 

Adjustments relating to swap agreements


$782,000,000


$782,000,000


Total - Payable in Canadian Dollars  


$17,765,750,000


$17,790,009,738














(1)     If more than one issue date, the date of the first issue is indicated.

 

B) Payable in Foreign Currency


Payable in US Dollars
















Maturity

Date


Issue Date(1)


Interest Payment Date(s)


Coupon

(%)



Foreign Currency Units


Equivalent in

Canadian Dollars


CUSIP Number

or ISIN Code

Nominal Value


Book Value

















2012-10-25


2002-10-25


04-25 & 10-25


5.00



US$500,000,000


US$499,396,616


$782,000,000


US317385AF97


Adjustments relating to swap agreements                         



(500,000,000)


(499,396,616)

(782,000,000)




Total - Payable in US dollars                              



US$0


US$0

$0





Total - Funded Debt             

$17,790,009,738














(1)     If more than one issue date, the date of the first issue is indicated.

 

Table 8

Borrowings from CHMC - Funded Debt as of March 31, 2011









 

Maturity Date


Issue Date


Interest Payment Date(s)


Coupon (%)


Nominal Value


Book Value

2020-07-01


2010-07-01


07-01


3.46


132,883,809


132,883,809

2020-10-01


2010-10-01


10-01


2.87


1,237,230


1,237,230

2020-11-01


2010-11-01


11-01


2.77


7,771,505


7,771,505

2021-03-01


2011-03-01


03-01


3.54


8,468,601


8,468,601

2021-03-29


2011-03-29


03-29


3.23


122,531,060


122,531,060

2025-07-01


2010-07-01


07-01


3.83


3,465,730


3,465,730

2025-08-01


2010-08-01


08-01


3.59


980,300


980,300

2025-10-01


2010-10-01


10-01


3.35


1,063,800


1,063,800

2025-11-01


2010-11-01


11-01


3.28


218,431,000


218,431,000

2025-12-01


2010-12-01


12-01


3.59


36,000,000


36,000,000

2026-03-01


2011-03-01


03-01


3.92


110,500,163


110,500,163

2026-03-29


2011-03-29


03-29


3.65


5,981,834


5,981,834

2030-07-01


2010-07-01


07-01


4.04


279,650,462


279,650,462

2030-11-01


2010-11-01


11-01


3.50


21,360,569


21,360,569

2031-02-01


2011-02-01


02-01


3.95


42,858,800


42,858,800

2031-03-01


2011-03-01


03-01


4.12


21,464,580


21,464,580

2031-03-29


2011-03-29


03-29


3.89


193,460,374


193,460,374

Total - Payable in Canadian Dollars  


$ 1 208 109,817


$ 1 208 109,817

 

 

 

Table 9

Other borrowings - Funded Debt as of March 31, 2011









 

Maturity Date


Issue Date


Interest Payment Date(s)


Coupon (%)


Nominal Value


Book Value












2015-02-06


2011-03-31


02-06 & 08-06


10,03


74,023,579


74,023,579

2018-01-16


2011-03-31


01-16 & 07-16


9,375


 1,596,000


1,589,487

2021-01-16


2011-03-31


01-16 & 07-16


9,375


8,961,320


8,817,917

2023-01-16


2011-03-31


01-16 & 07-16


6,786


66,183,880


66,183,880












Total - Payable in Canadian Dollars  


$ 150,764,779


$150,614,863

 

 

In case of disparity between the terms and conditions of each issue and the tables the terms and conditions of each issue will prevail.

 

Exhibit 99.1 of Financement-Québec's Annual Report (on Form 18-K) for the fiscal year ended March 31, 2011 has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do

 

For further information, please contact:

 

Nathalie Parenteau
Executive Vice President and Secretary
Financement-Québec
Telephone Number:  1-418-691-2203
Fax Number:  1-418-643-4700
Email:  [email protected]

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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