Toronto-Dominion Bank Earnings Call Insights: Aimia and Resi Exposure
Toronto-Dominion Bank (NYSE:TD) recently reported its third quarter earnings and discussed the following topics in its earnings conference call.
Ed Clark – Group President and CEO: I think we won’t, we really don’t get into the details of our deal with Aimia, since there really are two possible outcomes here. One is if you go along with Aimia as per – and that’s the deal that sensing our fact or two that we do this three-way deal. And when it’s clear, which one that we’re talking about then we’ll undoubtedly have some discussion with it and we can answer relevant questions at that time. I guess the way we look at it is that going along with Aimia is perfectly satisfactory outcome from our point of view. And we obviously – and we’re excited and delighted by the opportunity to have this card. On the other hand, I think if there’s a better deal to be done, you should always do a better deal. And so if there’s a possibility of a three-way deal that also works, then we recently would taking a look at that. And so I think we’re in the optimal position as if we can’t get a deal, a three-way deal we relied with the outcome, but if we can get a better deal by doing a three-way deal, we’ll do that too.
Michael Goldberg – Desjardins Securities: Do you have any protection against the value proposition being degraded?
Ed Clark – Group President and CEO: What I guess I’m saying is I just assume not – I mean, we can get a dozen questions on this, so I think when we had our positions to talk about the full details of the deal, we’re talking about the full details. But we’re confident that if we do either one of these deals we’re confident about the value proposition going ahead, we can answer that question.