Statement from State Street Regarding Market Misunderstandings
September 18 2008 - 1:31PM
Business Wire
In response to questions received today from media and other
sources, State Street Corporation (NYSE: STT) confirms that, as
previously disclosed, it does not believe consolidation of its
conduits is required. State Street confirms that even if it had to
consolidate its conduits, it would remain well capitalized with
ample sources of liquidity. The company raised $2.8 billion in
equity capital in early June 2008 and does not currently have any
plans to raise additional equity. The net asset value (NAV) of
State Street Global Advisors� money market funds has never declined
below $1, including in its Short Term Investment Fund (STIF),
Government Short Term Investment Fund (GSTIF) and the Navigator
Securities Lending Trust, a registered fund that is used in
connection with collateral management for State Street securities
lending program. These funds do not have any unsecured exposure to
AIG, Lehman, Washington Mutual, Wachovia, Merrill Lynch or Morgan
Stanley. State Street for its own account does not hold any equity
positions in unaffiliated financial institutions. The company is
often reported to be an owner of many issuers because of its
position as a large custodian and a large index fund manager. State
Street Corporation (NYSE: STT) is the world's leading provider of
financial services to institutional investors, including investment
servicing, investment management and investment research and
trading. With $15.3 trillion in assets under custody and $1.9
trillion in assets under management at June 30, 2008, State Street
operates in 26 countries and more than 100 geographic markets
worldwide. For more information, visit State Street�s web site at
www.statestreet.com. FORWARD-LOOKING STATEMENTS This news
announcement contains forward-looking statements as defined by
United States securities laws, including statements about State
Street�s goals and expectations, the financial outlook and business
environment. These statements are not guarantees of future
performance, are inherently uncertain, are based on current
assumptions that are difficult to predict and involve a number of
risks and uncertainties. Therefore, actual outcomes and results may
differ materially from what is expressed in those statements, and
those statements should not be relied upon as representing State
Street's expectations or beliefs as of any date subsequent to the
date of this release. Important factors that may affect future
results and outcomes include: the level and volatility of interest
rates, particularly in the U.S., Europe and the Asia/Pacific
region; the performance and volatility of securities, currency and
other markets in the U.S. and internationally; and economic
conditions and monetary and other governmental actions designed to
address those conditions; the liquidity of the U.S. and
International securities markets, particularly the markets for
fixed-income securities, including asset-backed commercial paper;
and the liquidity requirements of State Street�s customers; State
Street's ability to attract non-interest bearing deposits and other
low-cost funds; and State Street's ability to manage systemic risks
and control operating risks. Other important factors that could
cause actual results to differ materially from those indicated by
any forward-looking statements are set forth in State Street's 2007
Annual Report on Form 10-K and its subsequent SEC filings,
including, in particular, its Current Report on Form 8-K dated June
2, 2008. State Street encourages investors to read these filings,
particularly the sections on Risk Factors, and its subsequent SEC
filings for additional information with respect to any
forward-looking statements and prior to making any investment
decision. The forward-looking statements contained in this press
release speak only as of the date hereof, September 18, 2008, and
State Street does not undertake efforts to revise those
forward-looking statements to reflect events after this date.
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