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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Top Stories Full Coverage Most Popular Photos Search Search: US authorities announce restructuring of aid to AIG AFP - 1 hour 10 minutes ago WASHINGTON (AFP) - - The US government early Monday announced the restructuring of the government's 85-billion-dollar financial aid package that was given to insurer American International Group in September. Under the restructuring, the US Treasury will purchase 40 billion dollars of newly issued AIG preferred shares under the Troubled Asset Relief Program. This purchase will allow the Federal Reserve to reduce from 85 billion dollars to 60 billion dollars the total amount available under the credit facility established by the Federal Reserve Bank of New York on September 16, 2008, said a joint statement issued by the US Treasury Department and the Federal Reserve. The Federal Reserve Bank of New York will also modify its credit line offered AIG. According to the statement, the interest rate on the credit line will be reduced to three-month Libor plus 300 basis points from the current rate of three-month Libor plus 850 basis points, and the fee on undrawn funds will be reduced to 75 basis points from the current rate of 850 basis points. The length of the facility will be extended from two years to five years. The government's move to increase aid to AIG to a total of 150 billion dollars as the troubled insurer announced 24.5 billion dollars in net losses in the third quarter of the year. The US Federal Reserve Board has authorized the New York Fed to establish two new lending facilities relating to AIG. In one new facility, the New York Fed will lend up to 22.5 billion dollars to a newly formed limited liability company (LLC) to fund the LLC's purchase of residential mortgage-backed securities from AIG's US securities lending collateral portfolio. In the second new facility, the New York Fed will lend up to 30 billion dollars to a newly formed LLC to fund the LLC's purchase of multi-sector collateralized debt obligations, on which AIG has written credit default swap contracts. "These new measures establish a more durable capital structure, resolve liquidity issues, facilitate AIG's execution of its plan to sell certain of its businesses in an orderly manner, promote market stability, and protect the interests of the U.S. government and taxpayers," The Federal Reserve and the Treasury Department said in the statement. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Most Popular – Top Stories Viewed G20 pledges 'all necessary steps' to restore stability In Obama's victory, Americans see legacy of Lincoln Documents expose Prince William RAF training row: report AIDS vaccines: New hope for problem-plagued path Porsche hits record results on the back of VW shares View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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