It's unknown when the Yukon government will see $36.5 million in investments it made this past summer.

A decision will be made on Dec. 14 about how banks and investors will deal with the asset-backed commercial paper investment situation that's currently happening.

The 2006-2007 Public Accounts document which was tabled in the legislature last week states:

'In August 2007, the government learned that its $36.5 million worth of investments in the Asset Backed Commercial Paper (ABCP), would not be redeemed on the original maturity date.

'Due to extreme volatility in the global credit markets, the ABCP market experienced a sudden, rapid exodus of investors, and certain banks and other lenders responsible for providing bank liquidity facilities were refusing to provide funds during this market disruption.'

While it's still too early to determine the outcome of the situation, the government is monitoring the situation, the document states.

'The government does not currently expect the ABCP market situation to have an impact on its future cash flow needs,' it reads.

In an interview following question period Tuesday, Liberal Leader Arthur Mitchell compared the situation to going to the bank to withdraw funds from a savings or chequing account and being told the deposit has to remain in the account for much longer than anticipated.

'You're going: But I need to pay my hydro bill this week,'' Mitchell said.

Throughout question period, Mitchell took issue with the Yukon Party government's approach to notifying the public of what's transpired.

He pointed out that while Redcorp Resources, which is proposing to reopen the Tulsequah Chief mine in northern B.C., held a press conference to inform the public of the impact the ABCP situation is having on it, the government did the opposite.

'Redcorp held a news conference the premier didn't say a word yet, regularly, when we're not in this assembly, he holds news conferences on all sorts of matters to make announcements quite a difference in accountability,' Mitchell told the house.

'Redcorp also told the public where the money was invested. The premier has not done that.'

Finance Minister and Premier Dennis Fentie defended the government's position. He argued the public accounts documents are the appropriate way to inform the public of the situation.

All the territory is faced with at this point is an extension of the maturity date, Fentie told reporters following question period.

'I think you've been aware of the sub-prime mortgage issues,' he said, referring to many of the losses coming from risky home loans.

'The decision to extend the note was not ours, of course. It was the banks themselves.'

The sub-prime mortgage issue is new to everyone, Fentie said.

He stressed it is not a loss of money for the territory. Rather, any likelihood around the loss of cash in the investment would centre around the interest the territory would have earned, the premier said.

Mitchell, however, argued how much the territory stands to lose is still unknown and could be significant.

In some cases, he said, there's a likelihood of failure.

'Not everybody's going to get their money back in this,' he said.

The premier says he's not worried about the situation.

'I've got to tell you: I'm not all that concerned about it because we are working closely with the institutions related to this matter and on Dec. 14, that's the date we've been provided, there will be a maturity date going forward,' he said.

This is a small part of the territory's investment package, Fentie added.

After Dec. 14, it will be up to officials in the Department of Finance to decide how to proceed. That will depend largely on what the banks decide to do, though it currently appears they may reinvest the money.

'This is an anomaly and it's an anomaly the Department of Finance is managing very well,' Fentie said.

Clarke LaPrairie, the department's assistant deputy minister, said this morning the two trusts the government invested in $13 million in Opus Trust and $23.5 million in Symphony Trust were rated in the safest category of investments.

The companies buy assets such as commercial mortgages with the 30- to 90-day investments like the government made.

'This is a standard practice,' LaPrairie said of the government investments like this.

He pointed out the assets of the company have been given the highest possible rating and were reconfirmed this morning in the highest range. It is the trickle-down effect of the sub-prime mortgage issue that's affected the investments.

Neither of the two investments is directly involved with the sub-prime mortgage matter, LaPrairie said.

'This is an unusual situation,' he said.

It's anticipated the funds will be reinvested into a five- to 10-year maturity date. If officials opt not to go that route, LaPrairie said, they may be sold.

The government, LaPrairie added, is governed by the Financial Administration Act. That requires the government to make investments that are ranked safely.

Basically, the government has to invest in the safest assets available, he said.