Home Capital reports small dip in deposits in high interest savings accounts

TORONTO - Home Capital Group says it expects to have $125 million deposited in its high interest savings by the end of Friday.

That's down a modest $3 million from the company's previous liquidity report on Thursday, but a huge drop from $1.4 billion just over two weeks ago.

It also announced deposits with its guaranteed investment certificates stood at $12.52 billion, down $20 million from Wednesday.

The struggling company uses the deposits as a source of funding for its mortgage lending business, one of the biggest Canadian alternatives to the major banks.

Home Capital (TSX:HSG) has issued on a daily basis this week as it works to restore confidence in its mortgage lending business, following a series of events that have cut the value of its stock by half since mid-April.

The company has scheduled a conference call with analysts this morning, followed by Home Capital's annual meeting of shareholders in Toronto.

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