Vic: Subprime crisis to hit charities

AAP General News (Australia)
08-16-2008
Vic: Subprime crisis to hit charities

Hundreds of charities .. churches and local councils around Australia have been burnt
by the subprime crisis .. facing a potential loss of up to $2 billion dollars.

Australia's biggest banks have shrugged off the subprime crisis with little more than
a dent in their billion-dollar profits .. but Fairfax newspapers report community groups
have been badly affected.

It says the Metropolitan Ambulance Service and the Victoria Teachers Credit Union are
among the groups that own the products .. which Wall Street investment bank Lehman Brothers
marketed.

Others include St Vincent de Paul Society .. the Starlight Children's Foundation ..

and the Anglican .. Baptist .. Uniting and Catholic churches.

Fairfax says these groups have millions of dollars of highly-exposed assets with Lehman
and are facing major loses .. totally $2 billion nationwide.

AAP RTV gr/fdf

KEYWORD: CHARITY (MELBOURNE)

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