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### Viewing cable 05OTTAWA2413, ENRON HITS CANADA: CIBC PAYS RECORD $2.4 BILLION

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
05OTTAWA2413 | 2005-08-10 15:03 | 2011-04-28 00:12 | UNCLASSIFIED//FOR OFFICIAL USE ONLY | Embassy Ottawa

`

    This record is a partial extract of the original cable. The full text of the original cable is not available.

    101505Z Aug 05

` `

    UNCLAS OTTAWA 002413

    SIPDIS

    SENSITIVE

    DEPARTMENT FOR EB/IFD, EB/OMA, WHA/EPSC, AND WHA/CAN
    STATE PASS FEDERAL RESERVE BANK FOR CHUGH
    STATE PASS SEC FOR JACOBS
    TREASURY FOR WILBUR MONROE AND DAVID NAGOSKI

    E.O. 12958: N/A
    TAGS: EFIN CA
    SUBJECT: ENRON HITS CANADA:  CIBC PAYS RECORD $2.4 BILLION
    SETTLEMENT

    REF: OTTAWA 3433

    ¶1. (U)   For official use only.  Not for Internet
    distribution.

    ¶2.  (U) The Canadian Imperial Bank of Commerce (CIBC)
    announced August 2 that it is paying US$2.4 billion to settle
    the class action suit brough on behalf of purchasers of Enron
    securities.  The settlement, the largest ever paid by a
    Canadian financial institution and beating the settlements
    reached by Citigroup ($2 billion) and J.P. Morgan ($2.2
    billion), does not include any admission of wrongdoing by
    CIBC.  According to newspaper reports, the SEC estimates that
    CIBC earned a total of under US$40 million from its
    questionable Enron transactions.

    ¶3.  (U) CIBC lost 10% of its market capitalization the day
    after the settlement was announced.  Its shares fell 7.6%
    (C$6.09) on the Toronto Stock Exchange, to C$74.55 and
    analysts now expect CIBC to post an annual loss, rather than
    a solid profit. CIBC's stock has not rebounded, with shares
    trading this week in the C$71-73 range.  However, the bank's
    August 2 announcement specified that after "taking this
    charge into account, CIBC expects that its Tier 1 capital
    ratio will be approximately 7.5% as of July 31, 2005, above
    the regulatory requirement of 7.0% for a well-capitalized
    financial institution, but below the bank's objective of 8.5%
    or higher."  Third quarter financial results are due August
    ¶24.  Canada's banks, including CIBC, have been enjoying
    record profits in recent years and the settlement is expected
    to temporarily slow but not topple CIBC.

    Where there's smoke?
    --------------------

    ¶4.  (SBU) The size of the settlement stunned analysts, but
    the fact that the bank involved is CIBC evoked no surprise.
    A banking expert, echoing press reports, told us "They've got
    to be guilty as Hell.  That bank is a scandal. If there's a
    disaster, CIBC is involved.  And it's all a reflection of
    Hunkin."  John Hunkin, who retired as CEO on July 29 with
    C$52 million in stock and other securities, had earned $15
    million in salary and bonuses since taking office in 1999.
    Despite calls from investors to recover money from Hunkin,
    conventional wisdom is that CIBC plans to put the issue
    behind it.

    Limited impact
    --------------

    ¶5.  (U) A U.S. banker told us that his firm's relationship
    with CIBC continues as usual although they are "keenly
    looking at" the situation, monitoring CIBC's credit rating
    and trading in its equities and secondary bonds.  Share
    prices of the Royal Bank of Canada and TD Bank, who are also
    in line for Enron settlements, dropped slightly on news of
    the CIBC settlement.  However, their payouts are not expected
    to be as large and their shares are still trading within
    recent ranges.

    ¶6.  (U) The settlement is not expected to change the dynamics
    of on-again, off-again bank merger policy in Canada (reftel).
     The Minister of Finance recently announced that bank merger
    policy may not be clarified before the end of the year but
    yesterdays statement of qualified support from the NDP, a
    party traditionally opposed to bank mergers, has put the
    issue back on the front burner.  Even before the settlement,
    CIBC had been seen as a merger target, not an acquirer and
    the loss of capital does not change that.  Our bank expert
    opined that with CIBC's systemic problems, the best thing for
    the Canadian banking system would be for another bank to
    purchase CIBC to get their name out of the market.

    ¶7.  (U) Comment:  The size of the settlement caught everyone
    by surprise but there seems to be consensus that CIBC had it
    coming. It has temporarily weakened that bank, but the slight
    spillover to other banks does little to dampen a very
    profitable sector.  The activity of U.S. banks in Canada and
    the outlook for bank mergers appear unchanged by the
    settlement, but it does emphasize the extent to which our
    financial markets are linked.  End comment.

    Visit Canada's Classified Web Site at
    http://www.state.sgov.gov/p/wha/ottawa

    WILKINS

`