Later today, the $22 billion Western Corporate FCU will announce$25.4 in new OTTIs due to monoline insurer Ambac's decliningability to meet bond insurance claims, NCUA spokesman JohnMcKechnie told the Credit Union Times.
Fourth quarter financial statements will be adjusted to reflectthe new losses, he said. The corporate will further explain themove to members on WesCorp's monthly financial performanceconference call.
WesCorp's Ambac-insured securities currently have a face valueof $293 million, he said.
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