North Carolina reduces securities lending loss estimate
07 January 2011 North Carolina
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North Carolina Treasurer's Office has lowered its estimates of losses the state faces through securities lending activity.
The current estimate is now $280 million, $50 million less than the previous figure. Spokesperson Heather Strickland added that the final liabilities will be "around $195 million".
Strickland added that revenue from the state's securities lending programme still outstripped the projected losses. Over the past five years, the fund had earned over $410 million.
A reserve fund containing $146 million has been set up to cover losses from the programme.
The current estimate is now $280 million, $50 million less than the previous figure. Spokesperson Heather Strickland added that the final liabilities will be "around $195 million".
Strickland added that revenue from the state's securities lending programme still outstripped the projected losses. Over the past five years, the fund had earned over $410 million.
A reserve fund containing $146 million has been set up to cover losses from the programme.
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