TORONTO, Feb. 7 /CNW/ - TD Bank Group (TD) (TSX and NYSE: TD) announced
today that it has reviewed and analyzed the advisory released by the
Office of the Superintendent of Financial Institutions (OSFI) on February 4, 2011 clarifying the phase-out of non-qualifying capital instruments
under Basel III and OSFI's expectations with respect to the use of
redemption rights under regulatory event clauses in non-qualifying
As stated in the advisory, OSFI intends to adopt the Basel III changes
in its domestic capital guidance. Under the Basel III rules text, any
non-qualifying capital instruments outstanding as of 2022, the final
year of the phase-out period, will not be recognized as regulatory
capital. Based on the rules set out in OSFI's advisory, TD currently
expects to exercise a regulatory event redemption right only in 2022 in
respect of the TD Capital Trust IVTM Notes - Series 2 outstanding at that time.
TD's expectations are based on a number of factors and assumptions,
including, but not limited to TD's current and expected future capital
position taking into account the expected redemptions of TD's capital
instruments, the assumption that other redemption rights, as
applicable, are not exercised or other capital management actions are
not taken, and current market conditions. These expectations are not
intended to apply to capital instruments issued by TD's U.S.
subsidiaries. Given the uncertainty related to the financial,
economic, legislative and regulatory environments, these factors - some
of which are beyond TD's control and the effects of which can be
difficult to predict - could change materially over time and result in
a change in the expectations expressed in this press release.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Group (TD or the Bank). TD is the sixth largest bank in North
America by branches and serves approximately 19 million customers in
four key businesses operating in a number of locations in key financial
centres around the globe: Canadian Personal and Commercial Banking,
including TD Canada Trust and TD Insurance; Wealth Management,
including TD Waterhouse and an investment in TD Ameritrade; U.S.
Personal and Commercial Banking, including TD Bank, America's Most
Convenient Bank; and Wholesale Banking, including TD Securities. TD
also ranks among the world's leading online financial services firms,
with more than 6 million online customers. TD had C$620 billion in
assets on October 31, 2010. The Toronto-Dominion Bank trades under the
symbol "TD" on the Toronto and New York Stock Exchanges.
Caution regarding Forward-Looking Statements
From time to time, the Bank makes written and/or oral forward-looking
statements, including in this press release. All such statements are
made pursuant to the "safe harbour" provisions of, and intended to be
forward-looking statements under, applicable Canadian and U.S.
securities legislation, including the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are typically
identified by words such as "will", "should", "believe", "expect",
"anticipate", "intend", "estimate", "plan", "may" and "could".
By their very nature, these statements require the Bank to make
assumptions and are subject to inherent risks and uncertainties,
general and specific, including: credit, market (including equity,
commodity, foreign exchange and interest rate), liquidity, operational,
reputational, insurance, strategic, regulatory, legal, environmental,
and other risks, all of which are discussed in the 2010 MD&A starting
on page 56. All such factors should be considered carefully, as well
as other uncertainties and potential events, and the inherent
uncertainty of forward-looking statements, when making decisions with
respect to the Bank and we caution readers not to place undue reliance
on the Bank's forward-looking statements.
Additional material economic assumptions underlying the forward-looking
statements contained in this press release are set out in the 2010 MD&A
under the headings "Economic Summary and Outlook" and, for each
business segment, "Business Outlook and Focus for 2011", as updated in
subsequently filed quarterly Reports to Shareholders.
Any forward-looking statements contained in this press release represent
the views of management only as of the date hereof and are presented
for the purpose of assisting the Bank's securityholders and analysts in
understanding the Bank's current expectations regarding its capital
instruments, and may not be appropriate for other purposes. The Bank
does not undertake to update any forward-looking statements, whether
written or oral, that may be made from time to time by or on its
behalf, except as required under applicable securities legislation.
SOURCE TD Bank Group
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