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CU System
U.S. Central revises 4Q financials
LENEXA, Kan. (4/23/10)--U.S. Central FCU has revised its fourth quarter 2009 financials, according to a statement on the credit union’s website. On March 1, U.S. Central posted its fourth quarter 2009 financial statements. Included in the results were other-than-temporary (OTTI) impairment charges of $142.1 million related to investment securities insured by Ambac. The charges were based on information available to U.S. Central at the time, and placed 80% reliance on Ambac to pay claims when due. On March 25, Ambac stated it had taken actions at the direction of its regulator, the Office of the Commissioner of Insurance and the State of Wisconsin, to address its weakened financial position. Based on this information, U.S. Central has revised its reliance on Ambac for claims payments downward to 25% after an expected six-month interruption of payments. OTTI charges recorded in earnings for the fourth quarter of 2009 increased by $274 million. The changes have been incorporated into the corporate’s 2009 audited financial statement. To view the revised statement, use the link.
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