Paris-based private bank Oddo & Cie said it will refund all capital invested by private clients, associations and foundations in the three funds hit by the August credit crunch. The estimated cost is about €25 million ($35 million), Oddo said. Oddo was forced to close three funds over the summer, Oddo Cash Arbitrages, Oddo Cash Titrisation and Oddo Court Terme Dynamique, due to a lack of liquidity in securitised debt. The group said the full amount initially invested in the vehicles would be returned to clients at the end of the liquidation process, although payments may be spread out, depending on conditions in the market. At the same time, the banking group pledged to provide more transparent information on its financial position, and on the funds it sells to its clients. Oddo also said it will publish the accounts and asset valuation of the three funds in question as at 30 June this year.