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People - Education Press Release 16th August 2008, 05:19pm -
Views: 1225
Incorrect Story in the Age Today
Mr William Wolke, Chief Executive Officer of the Victoria Teachers Credit Union, said today that The Age and The Sydney Morning Herald newspapers today had incorrectly reported that Victoria Teachers Credit Union had $17m in CDO laden assets with Lehman Bros.
"This is totally incorrect. "The VTCU has never purchased investment products known as collateralised debt obligations (CDO's) from Lehman Bros nor has it ever invested in CDO type products.
"Victoria Teachers Credit Union does use Lehman Bros as a broker for the placing of funds with other banks and financial institutions. Those funds are held directly with the banks and financial institutions, not with Lehman Bros.
"Victoria Teachers Credit Union adheres to a prudent and low risk investment policy and continues to be a strong and profitable financial institution". Mr Wolke said.
For more information: Peter Mahon Royce 0418 351 754
Serving the Education Community www.victeach.com.au Phone Banking 1300 654 104
Head Office 277 Camberwell Road Camberwell Victoria 3124
PO Box 338 Camberwell Victoria 3124
Telephone 1300 654 822 Facsimile 03 9882 4348
Victoria Teachers Credit Union Limited ABN 44 087 651 769
Branch Office 687 Mt Alexander Road Moonee Ponds Victoria 3039