Ottawa

February 4, 2000

Canada is to bail out its banks over losses from a high rate of default on student loans. The three major banks are likely to receive Can$100 million (Pounds 42 million) from the federal government, despite profits last year of more than Can$1 billion each. The Canadian Federation of Students believes the money is a response to bank threats to pull out of the Can$1 billion-a-year programme.

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