Home Capital liquidity, credit at $2.57B on July 14
HOME CAPITAL Group Inc.’s aggregate liquidity and credit capacity position as of July 14, 2017, has strengthened significantly since the last update on June 29, 2017.
The company continues to source deposits through its deposit broker channel and Oaken, its direct-to-consumer channel, and has seen deposit inflows return to historical averages. Additionally, cash received from the completion of the sale of commercial mortgage assets and other recent transactions previously announced has added to the company’s liquidity position. Proceeds from the sale of assets were used to reduce the outstanding balance under the company’s $2-billion line of credit with Berkshire Hathaway to $900-million outstanding as of July 14, 2017.
The company’s liquidity position is stable, and the next update will be on Aug. 2 with second-quarter 2017 financial results.
Liquidity and deposit update
Aggregate available liquidity and credit capacity stood at approximately $2.57-billion, including the undrawn amount of $1.1-billion under the company’s $2.0-billion credit facility with Berkshire Hathaway.
Home Trust high-interest savings account (HISA) deposit balances stood at approximately $104-million.
Total guaranteed investment certificate (GIC) deposits, including Oaken and broker GICS, stood at approximately $12.27-billion, and Oaken savings accounts stood at approximately $165-million.
(See HCG Table 1 on page 37)
Home Trust and Home Bank are members of CDIC. Deposits with each are separately eligible for CDIC coverage up to applicable limits.
About Home Capital Group Inc.
Home Capital Group is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of insured residential mortgage products, consumer lending and credit card services. In addition, Home Trust offers deposits via brokers and financial planners, and through its direct-to-consumer deposit brand, Oaken Financial. Home Trust also conducts business through its wholly owned subsidiary, Home Bank.
Jacqueline Beaurivage, Robert J Blowes, Brenda J Eprile, Paul G Haggis, Alan Roy Hibben, Claude R Lamoureux, James Lisson, Sharon H Sallows, Bonita Joan Then
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