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OLYMPIC FINANCIAL RECEIVES APPROVAL FOR TRIPLE-A-RATED GUARANTEE, REPORTS SECOND-QUARTER RESULTS

 MINNEAPOLIS, Feb. 2 -- Olympic Financial Ltd. (NASDAQ-NMS: OLYM) announced today that it has received approval for a triple-A-rated guarantee from Financial Security Assurance Inc. (FSA) covering its next securitization of automobile receivables, currently anticipated to occur in March. The guarantee is subject to satisfactory documentation and final due diligence.
 The guarantee will cover a $30-million portfolio of loans deferred from the second quarter, which ended Dec. 31, and loans purchased in the third quarter, which will end March 31.
 Securitization is the process by which installment loans acquired through Olympic's network of automobile dealerships are pooled and sold to institutional investors as asset-backed securities, or ABS, with servicing retained by Olympic.
 In addition, Olympic said that under terms of a letter of mutual understanding the company will also engage FSA as the sole credit enhancer for Olympic's next $300 million in automobile loan portfolio securitizations, and grant FSA the right of first refusal on credit enhancement of the following $200 million.
 "Olympic is pleased to have received the approval for a triple-A- rated guarantee from FSA as we anticipated," Jeffrey C. Mack, Olympic's chairman and chief executive officer, said. "This program should provide for improved efficiencies on our securitizations going forward.
 Mack said that implementation of hedging strategies mitigating risk on interest-rate variations, coupled with the triple-A-rated guarantee arrangement with FSA, is expected to have a positive impact on Olympic's operations.
 SECOND-QUARTER LOSS IN LINE WITH PREVIOUSLY ANNOUNCED EXPECTATIONS
 Olympic Financial reported a loss of $1,509,043 or 21 cents per share for the second quarter ended Dec. 31, 1992, reflecting the deferral of the $30-million securitization originally planned for December.
 The results were in line with the expectations for the quarter as outlined by the company in December when it announced that it was rescheduling the securitization to permit negotiation of a triple-A- rated securitization guarantee. The results compare with a loss of $668,024 or 23 cents per share on a smaller number of shares outstanding in the second quarter last year.
 Second-quarter loan purchases totaled $31.4 million, a 166-percent increase from $11.8 million in the second quarter of fiscal 1992.
 For the six months ended Dec. 31, the company reported a loss of $1,160,442 or 18 cents per share, compared with a loss of $1,158,319 or 41 cents per share on a smaller number of shares outstanding in the first half of fiscal 1992.
 Loan purchases for the first six months were $56.6 million, up 119 percent from $25.9 million in the first half of fiscal 1992.
 Olympic Financial specializes in the purchase, pooling, sale and servicing of retail automobile installment loans originated by a network of more than 330 automobile dealers under contract with the company -- up from 280 at the end of the first quarter. Olympic is headquartered in Minneapolis, with branch offices in Denver and Dallas. The company is in the process of establishing a fourth branch office, in Seattle, Wash., with the opening scheduled for March.
 OLYMPIC FINANCIAL LTD.
 Three Months Ended
 Dec. 31, 1992 Dec. 31, 1991
 Interest Income $ 856,001 $ 980,048
 Interest expense on
 financings of auto loans 585,693 868,558
 Provision for credit losses 103,000 32,100
 Net interest margin 167,308 79,390
 Non-interest income 200,400 0
 Other interest expense 389,062 26,368
 Total non-interest expense 1,487,689 721,046
 Net (loss) $(1,509,043) $ (668,024)
 Net (loss) per share
 (fully diluted) $ (.21) $ (.23)
 Primary net (loully diluted) 7,069,455 2,854,588
 Six Months Ended
 Dec. 31, 1992 Dec. 31, 1991
 Interest Income $ 1,698,973 $ 1,691,467
 Interest expense on
 financings of auto loans 1,126,210 1,499,876
 Provision for credit losses 103,000 65,100
 Net interest margin 469,763 126,491
 Non-interest income 1,736,895 0
 Other interest expense 723,264 48,731
 Total non-interest expense 2,643,836 1,236,079
 Net (loss) $(1,160,442) $(1,158,319)
 Net (loss) per share
 (fully diluted) $ (.18) $ (.41)
 Primary net (loss) per share $ (.16) $ (.41)
 Weighted average common and
 common equivalent shares
 outstanding (fully diluted) 6,421,940 2,829,364
 -0- 2/2/93
 /CONTACT: Tom Langenfeld of Swenson Falker Eilertsen Inc., 612-371-0000 or Jeffrey C. Mack of Olympic Financial Ltd. 612-942-9880/
 (OLYM)


CO: Olympic Financial ST: Minnesota IN: FIN SU: ERN

DS -- MN002 -- 1728 02/02/93 10:08 EST
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Date:Feb 2, 1993
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