Monday, Aug 20, 2007
Is that why they were bailed out by the ECB to the tune of 17.3BILLION Euro
CreditFlux: Sachsen LB says Ormond Quay has zero CDO exposure
The collapsed ABCP conduit run by Sachsen LB has no investments in CDOs and is invested solely in triple A structured finance assets, Thomson Financial reports the bank as saying. The conduit, called Ormond Quay, was last week bailed out by the German savings banks association, after it failed to roll over its commercial paper funding. The savings banks stepped in with a €17.3 billion credit facility.
Posted by lvmreader @ 02:25 PM (174 views) Add Comment
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