HSBC Bank Canada said Friday earnings for the fourth-quarter of 2008 fell due in part to an impairment charge related to its holdings of asset-backed commercial paper.

Effective 30 November 2008, the bank completed the acquisition of HSBC Financial Corporation Limited (“HSBC Financial”). Results for 2008 and prior years have been restated to combine the previously reported results of the bank with those of HSBC Financial to reflect the continuity of interests method of accounting.

The Canadian unit of London-based HSBC said profits for the quarter ended Dec. 31, 2008 slipped to $115 million, down 3.4 per cent from year-earlier earnings of $119 million. The bank said previous earnings have been restated to reflect the November acquisition of HSBC Financial Corp. Ltd.

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