The $3.7 billion Corporate One FCU did not record any OTTIs against $35.5 million worth of securities wrapped by monoline insurer Ambac Assurance Corp., according to its March 2010 financials.
"Based on our analysis of the plan of rehabilitation, we continue to place reliance on Ambac for full repayment," management wrote in the notes that accompanied the reports, posted on Corporate One's website (www.corporateone.coop).
Chief Financial Officer Melissa Ashley told Credit Union Times, the Columbus, Ohio-based corporate reviewed court documents filed by Wisconsin's insurance commissioner regarding Ambac, as well as the insurer's 2009 year-end statutory financial statements, in which it reported a statutory surplus of $801.8 million.
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