A proposed restructuring plan for asset-backed commercial paper investments across the country means more certainty for the $36.5 million the territory invested, say government officials.

'There is a plan, which is good,' David Hrycan, the deputy minister of Finance, said Monday after the plan was announced.

Throughout the country, about $33 billion is tied up in the asset-backed commercial paper (ABCP) after banks refused to release the funds at their short-term maturity dates.

The maturity dates for the Yukon investments were in August and September.

The issue of the $36.5 million the territory put into the investments dominated the fall sitting of the legislature.

Opposition members repeatedly asked the Auditor General to look at the investments, and called for the territory's public accounts committee to look at how the territory invests its money in general.

The Auditor General's office confirmed it would look at the issue after Liberal Leader Arthur Mitchell made the formal request.

The restructuring plan was announced Monday.

While the plans will see the investments exchanged for longer-term notes of between five and eight years, more details of plan won't be released until January, Hrycan said.

A vote on the proposal by investors will take place in February, with the restructuring expected to happen in March.

In the meantime, the investments are also open for trading on the market for investors who don't want to wait.

How much the territory would get back if it sold the investments would depend on the market on that given day, Hrycan explained.

He said waiting until the proposed new maturity date will provide certainty in getting the $36.5 million back with interest paid as well. Just how much interest is unknown.

While the investments were originally set for 30 days, Hrycan said, the long-term maturity dates won't impact projects the government was set to spend money on. He pointed out the government has a healthy surplus.

NDP Leader Todd Hardy argued the announcement Monday wasn't necessarily good news for the territory, but rather not quite as bad as it might have been.

'This is basically a saving-face announcement,' he said in an interview this morning.

The situation could tie the hands of future governments that may want to take a different direction than the current Yukon Party government, Hardy continued.

An NDP regime, for example, may want to invest in more ethical and local funds, but this money would continue to be tied up in ABCP.

'These are not Yukon investments,' Hardy said.

It could also mean money aimed at capital projects isn't readily available.

While Hardy, who has worked on pension plan investments in the past, said he doesn't have a problem with long-term investments, governments usually make more short-term investments so money can be more readily available if there is an emergency or a situation where the funds will be needed shortly.

Hardy continued to argue the situation indicates the territory needs to look more closely at how it invests its money.

The Yukon Party government also needs to consider a more long-term vision for the territory when the economic situation may change, the NDP leader said.

'They're riding on good times that's affecting all of western Canada,' he said.

Meanwhile, Mitchell said today the territory has now been asked to trust those with its money for another seven years.

'We didn't invest our money for seven years,' he said in a phone interview from outside the territory.

The announcement didn't come as a big surprise to Mitchell. He pointed out that the consortium which came up with the proposal has stated its 'confidence' that 'most investors' will get their funds back in the longer-term investments.

That may mean the territory doesn't get back all its funds.

Mitchell also argued the situation could impact the planning process for any projects the territory has chosen to pursue, with the knowledge the $36.5 million is tied up long-term.

A lot can change in seven years for the territory's finances, Mitchell said.

He pointed out things like federal funding to the territory as an example of what might be different seven years down the road.

Acting Finance Elaine Taylor was not available for comment this morning.

Premier and Finance Minister Dennis Fentie continues to recover from surgery he had during the fall.