BMO Financial Group issued a statement today confirming that none of the money market funds offered by each of BMO Mutual Funds and GGOF Guardian Group of Funds has exposure in their portfolios to asset-backed commercial paper issued by non-bank-sponsored conduits.

All asset-backed commercial paper owned in these Canadian money market funds is sponsored by the major Canadian banks and does not include any exposure to U.S. sub-prime, collateralized debt obligations, and derivatives markets.

The bank said that, to date, it has not experienced higher than normal redemption activity in these funds and it does not expect any pricing or valuation issues or changes to their net asset values.

In a related announcement, CIBC today confirmed “None of CIBC’s Money Market Funds, including those operating under the brand names Talvest and Renassiance, have any exposure to third-party (non-bank sponsored) asset-backed commercial paper (ABCP) that has recently experienced liquidity pressure. All asset-backed commercial paper owned in CIBC’s Canadian money market funds is sponsored by the major Canadian banks and does not include any exposure to U.S. sub-prime, collateralized debt obligations, and derivatives markets.”

Likewise, Bank of Nova Scotia said its Scotia Money Market Mutual Funds do not hold any ABCP issued by non-bank sponsored multi-seller conduits. Furthermore, these fundsdo not have any exposure to U.S. sub-prime, collateralized debt obligations or derivatives markets.