Incorrect Story In The Age Today

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

PO Box 210
Moonee Ponds Victoria 3039

Telephone 03 9285 4222
Facsimile 03 9375 4028

SOURCE: Royce Pty Ltd