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Read more with google mobile : Fed approves GMAC bank request in boost for GM

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Fed approves GMAC bank request in boost for GM AFP - Thursday, December 25 WASHINGTON (AFP) - - The US Federal Reserve has approved a request by GMAC, the troubled financial arm of General Motors, to become a bank holding company, allowing it to tap government bailout funds and emergency loans. The move, announced only hours before Christmas day, boosts the prospects of General Motors after the US government last week approved a 13.4-billion-dollar rescue loan package for GM and Chrysler to stave off collapse amid tight credit and dismal sales. GMAC faced possible bankruptcy, jeopardising financing for GM car dealers and customers, and its demise could have dragged down the Detroit automaker's fortunes with it. "In light of the unusual and exigent circumstances affecting the financial markets, and all other facts and circumstances, the Board has determined that emergency conditions exist that justify expeditious action on this proposal" for changing GMAC's legal status, the Fed said in its decision, which the board approved four votes to one. Under the move, GM and Cerberus Capital Management must reduce their ownership stakes in GMAC, the Fed said. GM, which owns 49 percent of GMAC, has to cut its ownership share to less than 10 percent in voting shares and equity. Cerberus, the private equity owner of Chrysler, must reduce its 51-percent stake to no more than 14.9 percent in voting shares and 33 percent in total equity, according to the decision. The move will "benefit the public by strengthening GMAC's ability to fund the purchases of vehicles manufactured by GM and other companies and by helping to normalize the credit markets for such purchases," the Fed said. GMAC chief executive Alvaro de Molina in a statement hailed the decision as "a key turning point" for the company. "It is critically important to our company and the broader economy to resume responsible lending to consumers and businesses," he added. GMAC, by becoming a federally regulated bank holding company, becomes the latest firm to gain access to a share of the 700-billion-dollar government bailout package initially introduced to shore up financial firms. Debt-strapped GMAC had said earlier this month it did not expect the Federal Reserve would grant its request as it could not meet capital requirements. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo The US Federal Reserve has approved a request by GMAC, the troubled financial arm of General Motors, to become a bank holding company, clearing the way for it to receive a share of government bailout funds and emergency loans. Most Popular – Top Stories Viewed US sees no holiday cheer; Russia, China warn of grim 2009 French investor takes life after massive losses in Madoff scandal Housing market feels more pain, bottom not yet in sight Quake zone hero pig named China's animal of the year Actress Jennifer Aniston appears naked in GQ magazine View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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