CIBC Confirms its Canadian Money Market Funds Have No Exposure to Non-Bank Sponsored Asset-Backed Commercial Paper
TORONTO, Aug. 20 /CNW/ - CIBC today issued the following statement regarding its money market funds. "None of CIBC's Money Market Funds, including those operating under the brand names Talvest and Renassiance, have any exposure to third-party (non-bank sponsored) asset-backed commercial paper (ABCP) that has recently experienced liquidity pressure. All asset-backed commercial paper owned in CIBC's Canadian money market funds is sponsored by the major Canadian banks and does not include any exposure to U.S. sub-prime, collateralized debt obligations, and derivatives markets." A NOTE ABOUT FORWARD-LOOKING STATEMENTS This news release may contain forward-looking statements. These forward-looking statements include, but are not limited to, statements about our operations, financial condition, strategies and outlook of CIBC. A forward-looking statement is subject to inherent risks and uncertainties that may be general or specific. A variety of factors, many of which are beyond CIBC's control could cause actual results to differ materially from the expectations expressed in CIBC's forward-looking statements. Readers should not place undue reliance on CIBC's forward-looking statements. CIBC does not undertake to update any forward-looking statement that is contained in this news release.
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For further information: Investor Relations: John Ferren, (416) 980-2088; Media Relations: Rob McLeod, (416) 980-3714