The $3.7 billion Corporate One FCU did not record any OTTIs against $35.5 million worth of securities wrapped by monoline insurer Ambac Assurance Corp., according to its March 2010 financials.
"Based on our analysis of the plan of rehabilitation, we continue to place reliance on Ambac for full repayment," management wrote in the notes that accompanied the reports, posted on Corporate One's website (www.corporateone.coop).
Chief Financial Officer Melissa Ashley told Credit Union Times, the Columbus, Ohio-based corporate reviewed court documents filed by Wisconsin's insurance commissioner regarding Ambac, as well as the insurer's 2009 year-end statutory financial statements, in which it reported a statutory surplus of $801.8 million.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
