Nov 5 (Reuters) - Sovereign Bancorp Inc in a U.S. Securities and Exchange Commission filing:
* Sees recording $269.2 million tax benefit in Q4
* Says tax benefit relates to TARP and IRS providing for change in tax treatment on losses of Fannie Mae, Freddie Mac preferred stock
* Says tax benefit allows financial institutions to account for Fannie, Freddie losses as ordinary losses rather than capital losses
* Says does not believe any assets on balance sheets will be considered 'troubled' or 'toxic' as understood under TARP
* Reuters Estimates Q4 earnings per share view $0.11
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about Sovereign Bancorp Inc click here:) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Sees recording $269.2 million tax benefit in Q4
* Says tax benefit relates to TARP and IRS providing for change in tax treatment on losses of Fannie Mae, Freddie Mac preferred stock
* Says tax benefit allows financial institutions to account for Fannie, Freddie losses as ordinary losses rather than capital losses
* Says does not believe any assets on balance sheets will be considered 'troubled' or 'toxic' as understood under TARP
* Reuters Estimates Q4 earnings per share view $0.11
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about Sovereign Bancorp Inc click here:) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.