LEVIS, QC, Aug. 20 /CNW Telbec/ - Desjardins Group has announced that it
is taking special measures to ensure access to liquidity in its mutual funds,
a small portion of which are composed of asset-backed commercial paper (ABCP).
These measures are intended to alleviate fallout from the liquidity crunch in
the ABCP market.
In an effort to protect its members against the current uncertainty
prevailing in the ABCP market, and subject to approval by regulatory
authorities, Desjardins will take charge of all ABCP assets held in its funds.
Desjardins would like to remind unit holders that the underlying assets making
up these securities are of very high quality and have been granted excellent
credit ratings (R-1 (High) on the DBRS scale, equivalent to AAA).
This measure follows the agreement signed last week by various financial
institutions in order to re-establish a climate of trust in the ABCP market.
About Desjardins Group
Desjardins Group is the largest integrated cooperative financial group in
Canada, with overall assets of more than $135 billion, as at December 31,
2006. It comprises a network of caisses, credit unions and business centres in
Québec and Ontario, and some twenty subsidiary companies in life and general
insurance, securities brokerage, venture capital and asset management, many of
which are active across the country. Drawing on the expertise of its
40,000 employees and the commitment of 7,020 elected officers, Desjardins
offers its 5.8 million individual and corporate members and clients a full
range of financial products and services. Its physical distribution network is
complemented by leading-edge virtual access methods. To find out more, consult
For further information:
For further information: (media only): André Chapleau, Director,
Information and Media Relations, (514) 281-7229, 1-866-866-7000, ext. 7229,
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