Tuesday, March 3, 2009

Desjardins Loses $476 Million In Q4, Ends Year With Small Surplus

From CBC News:

Quebec's largest credit union operator has reported its worst quarterly loss ever, blaming the global economic slowdown and the collapse of the asset backed commercial paper (ABCP) market for the fall.

Desjardins Group suffered a $476-million loss in the fourth quarter, before member dividends. During the same period in 2007, the financial co-operative reported a surplus of $273 million.

"Obviously, [the results] were unsatisfactory," André Chapleau, a Desjardins spokesperson, told CBC News on Wednesday.

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