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May 10, 2017

Home Capital savings balance falls again, but at slower pace

Home Capital issues liquidity update

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Investors pulled a further $12 million from Home Capital’s high interest savings accounts over the course of Tuesday, as the embattled lender’s available cash continues to dwindle. The company now has $1.01 billion worth of liquid assets on the books, down from $1.1 billion in the same period.

While the liquid assets continue to see outflows, the embattled mortgage lender said it has not had to draw further funds from its $2 billion credit line provided by the Healthcare of Ontario Pension Plan (HOOPP), reporting the undrawn amount remained stable at $600 million.

In an interview on BNN, Ryan Bushell, vice president and portfolio manager at Leon Frazer & Associates said the update on a relatively small outflow was indicative of a company nervous about its standing in the public eye.

“They’re just trying to restore confidence to the market,” he said. “Obviously, any lender is a confidence game between deposits and lending, and so it’s been the deposits side where they’ve had the run lately, so they’re obviously, I would say, trying to shore up confidence.”

Home Capital had more than $2 billion worth of deposits in its high interest savings accounts at the end of March, but has seen skittish investors flee amidst an Ontario Securities Commission probe into disclosure practices tied to the mortgage fraud scandal of 2014-15. Home Capital’s guaranteed investment certificate (GIC) balances remained relatively stable at $12.6 billion on Wednesday, though many of those certificates are at a fixed term and are much more difficult to withdraw.