Caisse won't reveal financial data until next year

Opposition politicians in Quebec said Friday that the province's giant pension fund, the Caisse de dépôt et placement du Québec, is facing billions in losses, but the Liberals rejected demands they get involved.

Pierre Brunet, chairman, and Fernand Perreault, executive vice-president, met reporters in Montreal Friday afternoon, but said they won't release any numbers before the scheduled date early in 2009, when the figures for 2008 would normally be released.

But Brunet said the fund has $20 billion in liquidity, enough to see it through the market turmoil.

Opposition leaders, campaigning for the Quebec provincial election set for Dec. 8, said Friday that the fund has lost billions, and said Liberal Premier Jean Charest is accountable.

Parti Québécois Leader Pauline Marois accused Charest of having called an election to avoid facing the issue and said the premier has a duty to release the information.

Charest said he would not get involved with the fund, however, and said past political interventions had ended badly.

The illness of the Caisse's president and CEO, Richard Guay, has also caused concern. On Nov. 20, Brunet said Guay would be off until Dec. 10 on the advice of his doctor. Perreault has taken over the CEO's duties until Guay returns.

The caisse had $155 billion held for depositors as of Dec. 31, 2007, its last financial report, in stocks, bonds, real estate and other investments.

But that figure is almost certainly lower now after the financial turmoil that shaken the world economy.

The caisse lost $8.55 billion in 2002 when stock markets fell.