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Edeus reassures market that its funding is secure

Edeus has told Money Marketing that its funding lines are secure stating that its 24 month contract with Merrill Lynch is not up for renegotiation until October 2008.

Investment bank Merrill Lynch also owns a stake in Edeus parent company Oakwood Group.


Edeus managing director Alan Cleary says that it had a meeting with Merrill Lynch last week regarding the current market situation.

He says: “The market isn’t functioning at the moment which means that every lender has to reassess their position. We will definitely be putting through criteria and rate changes and we’re just in the position of reviewing our position at the moment.”

“This is likely to be product driven rather than criteria. We believe this is going to be a three to six month issue so we won’t be making big changes to our criteria and then have to change it again when the market settles. What you can’t be is a lender of last resort and we have no intention of being that.”

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