HSBC Bank Canada issues statement regarding Asset-Backed Commercial Paper

    VANCOUVER, Aug. 22 /CNW/ - In relation to recent events related to the
Asset-Backed Commercial Paper (ABCP) market, HSBC Bank Canada has affirmed
that it will continue to support its bank-sponsored asset-backed commercial
paper program, namely Performance Trust. This announcement reflects our
confidence in the quality of the underlying assets associated with this ABCP
    HSBC Investment Funds (Canada) Inc., manager of the HSBC Mutual Funds,
and HSBC Investments (Canada) Limited, manager of the HSBC Pooled Funds,
confirm that there is no exposure to third party asset backed commercial paper
within any of these Funds.
    We recognize that the functioning of the third-party ABCP market is of
concern to many of our customers and continue to work with them and industry
participants during this difficult time to find orderly solutions to address
this market issue. HSBC is a member of the consortium proposing a solution
intended to stabilize Canada's non-bank ABCP market as announced on 16 August

    HSBC Investment Funds (Canada) Inc. is a subsidiary of HSBC Investments
(Canada) Limited, which is wholly-owned by HSBC Bank Canada. HSBC Bank Canada,
a subsidiary of HSBC Holdings plc, has more than 170 offices. With around
10,000 offices in 83 countries and territories and assets of US$2,150 billion
at 30 June 2007, the HSBC Group is one of the largest banking and financial
services organizations.

For further information:

For further information: Ernest Yee, Assistant Vice President, Public
Affairs, HSBC Bank Canada, (604) 641-2973; Sharon Wilks, Senior Manager,
Public Affairs, HSBC Bank Canada, (416) 868-3878

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