TORONTO, Dec. 17 /CNW/ - TD Bank Financial Group (TDBFG) today reiterated
that it is willing to consider measures that support the orderly resolution of
the situation covered under what has been called the Montreal Accord.
"TD is willing to consider measures that support attempts to resolve
liquidity issues in the financial markets. However, our position has been that
it would not be in the best interest of TD shareholders to assume incremental
risk for activities in which we were not involved," said Ed Clark, President
and CEO, TD Bank Financial Group.
Following on comments made during its third and fourth quarter of 2007
earnings conference calls, TD Bank Financial Group further reiterated that it
does not have any exposure to non-bank sponsored Asset Backed Commercial Paper
(ABCP) products covered by the Montreal Accord. This includes holdings within
TD Mutual Funds and other money market funds managed by TD Asset Management
Inc. TD also noted that it did not distribute any related products to
customers through its systems.
The Bank noted that markets for TDBFG-sponsored asset backed commercial
paper (ABCP) have continued to perform satisfactorily.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group serves more than 14 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; Wealth Management, including TD Waterhouse and an
investment in TD Ameritrade; U.S. Personal and Commercial Banking through TD
Banknorth; and Wholesale Banking, including TD Securities. TD Bank Financial
Group also ranks among the world's leading on-line financial services firms,
with more than 4.5 million on-line customers. TD Bank Financial Group had
CDN$422 billion in assets as of October 31, 2007. The Toronto-Dominion Bank
trades on the Toronto and New York Stock Exchanges under the symbol "TD", as
well as on the Tokyo Stock Exchange.
For further information:
For further information: Simon Townsend, Senior Manager, Corporate
Communications, (416) 944-7161; Kelly Milroy, AVP, Investor Relations, (416)