Scotiabank's $890 Million Writedown for Q4 2008

TD Securities, 19 November 2008EventYesterday after market close, Scotiabank pre-announced Q4/08 write-downs totaling C$890 million pre-tax.ImpactA disappointing (early) start to earnings season, given that Scotiabank has been relatively clean through the downturn. A portion of the mark is purely accounting, and none of the exposures reflect an excessive concentration or material breakdown in the