Pacific & Western confirms no exposure in the sub-prime market

    LONDON, ON, Aug. 17 /CNW/ - David Taylor, President & C.E.O. of Pacific &
Western Credit Corp. (TSX:PWC), wishes to confirm that Pacific & Western
Credit Corp.'s wholly owned subsidiary, Pacific & Western Bank of Canada (the
"Bank"), is a niche lender which focuses on providing financing to low risk
markets. Specifically, the Bank provides financing to public sector entities
including hospitals, school boards, and municipalities, and to high quality
investment grade corporations. The Bank has not involved itself in the
sub-prime lending market, and as a result it does not have any direct exposure
to risk of loss from this market.
    David Taylor stated that, "The concern over the sub-prime lending market,
and the potential tightening of credit conditions, may actually work in the
Bank's favour as the spreads we are able to achieve on our securities
portfolio and loans to investment grade corporations are likely to increase."

    Pacific & Western Bank of Canada is wholly owned by Pacific & Western
Credit Corp., whose shares trade on the TSX under the symbol PWC.

    To receive company news releases via e-mail: Karen McConnell, (519)
    Further information on PWC is available through Pacific & Western's
corporate web site at

For further information:

For further information: Investor Relations: Bruce Schruder, Vice
President, Investor Relations & Marketing, 1-800-244-1509,; Public Relations & Media: Tel Matrundola, Vice
President, Public & Strategic Initiatives, (416) 203-0882,

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Pacific & Western Credit Corp.

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