By Karen Poh
WESTERN Health says time is on its side reports the hospital stood to lose more than $1 million from investments exposed to the sub-prime mortgage market in the United States emerged in the media last week.
Western Health spokeswoman Anne Learmonth said that while the value of the investments had fallen sharply, no money had been lost.
“Western Health has not lost any money. There is currently some money invested, the value of which has dropped substantially,” she said.
“It’s been affected by the shake-out in the US stock market.”
But Ms Learmonth stressed it would not affect the day-to-day operations of Western Health, which operates the Sunshine, Footscray and Williamstown public hospitals.
“It does not affect bed numbers and service delivery. It’s money that we’ve put aside for long-term investment and long-term capital requirements,” she said.
“It’s money that’s surplus to current requirements.
“It’s a long-term investment, so we’ve got time to wait.
“We’re not the only hospital or public institution that has done this.
“Like the rest, we’re hoping that the market will recover and we’ve got time on our side.”
