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(March 17, 2008) The Pan-Canadian Investors Committee for Third-Party Structured ABCP has filed an application today asking the Ontario Superior Court of Justice to call a meeting of ABCP noteholders to vote on the committee’s plan to restructure 20 of the trusts covered by last summer’s Montreal Accord. The filing was made under the Companies’ Creditors Arrangement Act, and the restructuring plan is estimated to affect $32 billion of notes.

“The Committee has reached an understanding on the principal issues with all major participants in the Third-Party ABCP market on how to address the problems that are currently plaguing this market,” said committee chair Purdy Crawford. “The CCAA process provides a Court-supervised means of advancing the Committee’s plan for this comprehensive and simultaneous restructuring of all affected ABCP, giving noteholders an equal opportunity to vote on the Plan under a Court-approved process.”

Assuming the court approves the noteholder meeting, investors will receive a copy of the plan and the information statement containing details on the meeting and voting process. The committee will meet with noteholders across the country after the materials have been distributed.

“Details of the restructuring plan have now been substantially completed,” Crawford said. “The Committee is unanimously supporting the Plan, and I am recommending that all noteholders approve the Plan in order to avoid a forced liquidation of conduits and the significant losses that would likely ensue if the Plan were not to move forward.”

Under the plan, underlying assets in affected ABCP backed by synthetic and hybrid assets will be cross-collateralized into one of two “master asset vehicles” — MAV1 and MAV2. Some of the larger noteholders have agreed to contribute approximately $8.5-billion to fund any additional margin calls associated with the pooled assets supporting their pooled notes. These noteholders will participate in MAV1.

A third-party margin funding facility will be established for MAV2, which will consist of all other noteholders.

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Desjardins Group elects first woman president, CEO

(March 17, 2008) In a special meeting held on Saturday, 256 representatives of Desjardins Group from across Quebec and Ontario elected Monique F. Leroux to the office of president and CEO.

Leroux will officially start her four-year term following Desjardins Group’s annual general meeting, scheduled for March 29 in Quebec City. Leroux will succeed Alban D’Amours, who has held the position since March 25, 2000.

Leroux has been the senior executive vice-president and chief financial officer of Desjardins since August 2004. In this capacity, she was involved in the Strategic Management Structure Committee and was responsible for establishing the financial framework for the entire company, setting and tracking performance management, as well as determining the capital structure of Desjardins Group.

Leroux has been named one of Canada’s Top 100 Most Powerful Women by the Women’s Executive Network of Toronto, as well as one of Canada’s Top 25 Women to Watch in 2008 by the Women’s Post. She sits on the boards of directors of the Société des alcools du Québec, Fiera Capital, Siparex Group (Europe), HEC Montréal, the Montreal Heart Institute Foundation and the Orchestre symphonique de Montréal. She has also been president of the Ordre des comptables agréés du Québec and served on the board of governors of the Canadian Institute of Chartered Accountants.

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TD offers premium Visa Infinite card

(March 17, 2008) TD Canada Trust has introduced the TD First Class Travel Visa Infinite Card — the first Visa to allow cardholders to book travel rewards any way they want.

“When we say any way, we really mean it, and that includes everything from popular travel websites to traditional travel agents to our exclusive TD Visa Travel Rewards Centre and website. It means this card will make it easier for cardholders to get the trip they really want,” said Jim Sallas, senior vice-president, personal lending and Visa, TD Canada Trust.

According to Sallas, reward members will not be restricted by travel tiers or specified destination point requirements. Instead, for every dollar in purchases made using the card, cardholders earn three TD Points, which can be redeemed toward any type of travel.

The card also features travel medical insurance, trip cancellation and trip interruption insurance, complimentary concierge assistance (used for trip planning and available 24 hours a day, 365 days a year), VIP treatment at hotels and resorts and access to restaurant ratings and reviews.

The card will be available to eligible customers starting today.

TD will also offer TD Platinum Travel Visa and TD Classic Travel Visa cards in an effort to appeal to a wide range of Canadians who want to earn travel rewards.

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H&R Block launches tax advice week

(March 17, 2008) H&R Block is offering Canadians free over-the-phone tax advice between March 24 and 28.

Dubbing the week National Tax Advice Week, the leading tax preparation company will give callers a chance to have their tax questions answered by a professional.

“A recent survey we conducted showed that over two-thirds of Canadians were unaware of the new tax laws and changes for their 2007 tax return,” says Cleo Hamel, senior tax analyst, H&R Block Inc. “It is important to understand what credits and deductions you are entitled to because you don’t want to pay the government more money than you need to.”

For the average Canadian family with two young children, the new tax laws and changes could mean between $500 and $600 in tax savings — and possibly more.

During this week, H&R Block tax associates will also be in the community offering tips and advice in their neighbourhoods.

(03/17/08)