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Board of Governors of the Federal Reserve System
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Board of Governors of the Federal Reserve System

Monthly Report on Credit and Liquidity Programs
and the Balance Sheet

March 2010 (1.27 MB PDF)

Lending in Support of Specific Institutions

Quarterly Developments

  • Net income, including changes in valuation, for the Maiden Lane, Maiden Lane II, and Maiden Lane III LLCs was $0.3 billion, $1.8 billion, and $3.7 billion, respectively, for the quarter ended September 30, 2009. As presented in table 15, these changes resulted in improvements to the fair value asset coverage of loans by the Federal Reserve Bank of New York (FRBNY) to each of the Maiden Lane LLCs.
  • Cash flows generated from the Maiden Lane II and Maiden Lane III portfolios are used to pay down the loans from the FRBNY. As indicated in tables 20 and 23, those repayments totaled about $3.8 billion in the third quarter of 2009. To date, cash flows from the Maiden Lane portfolio have been reinvested, primarily in agency mortgage-backed securities.
  • As previously announced, the fair value of the three Maiden Lane LLCs' net portfolio holdings, as of February 10, 2010, were reported in the H.4.1 statistical release based on updated valuations as of December 31, 2009. The updated valuations resulted in a combined net unrealized gain of $0.7 billion for Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC. Figures for the full year of 2009 will be published in this report following the release of the audited financial statements of the Federal Reserve System.

Background

During the financial crisis, the Federal Reserve has extended credit to certain specific institutions in order to avert disorderly failures that could result in severe dislocations and strains for the financial system as a whole and harm the U.S. economy. In certain other cases, the Federal Reserve has committed to extend credit, if necessary, to support important financial firms.

Table 15. Fair Value Asset Coverage
Millions of dollars

  Fair value asset coverage of FRBNY loan on 9/30/2009 Fair value asset coverage of FRBNY loan 6/30/2009
Maiden Lane LLC (3,055) (3,400)
Maiden Lane II LLC (604) (2,371)
Maiden Lane III LLC 3,645 (129)
Note: Unaudited. Fair value asset coverage is the amount by which the fair value of the net portfolio assets of each LLC (refer to table 29) is greater or less than the outstanding balance of the loans extended by the FRBNY, including accrued interest.

Bear Stearns and Maiden Lane LLC

In March 2008, the FRBNY and JPMorgan Chase & Co. (JPMC) entered into an arrangement related to financing provided by the FRBNY to facilitate the merger of JPMC and the Bear Stearns Companies Inc. In connection with the transaction, the Federal Reserve Board authorized the FRBNY, under Section 13(3) of the Federal Reserve Act, to extend credit to a Delaware limited liability company, Maiden Lane LLC, to partially fund the purchase of a portfolio of mortgage-related securities, residential and commercial mortgage loans, and associated hedges from Bear Stearns. The LLC is managing its assets through time to maximize the repayment of credit extended to the LLC and to minimize disruption to the financial markets. In the second quarter of 2008, the FRBNY extended credit to Maiden Lane LLC. Details of the terms of the loan are published on the FRBNY website (www.newyorkfed.org/markets/maidenlane.html). The assets of Maiden Lane LLC are presented weekly in tables 1, 10, and 11 of the H.4.1 statistical release. Additional details on the accounts of Maiden Lane LLC are presented in table 4 of the H.4.1 statistical release.

Information about the assets and liabilities of Maiden Lane LLC is presented as of September 30, 2009, in tables 16 through 18 and figure 2. This information is updated on a quarterly basis.

Table 16. Maiden Lane LLC Outstanding Principal Balance of Loans
Millions of dollars

  FRBNY senior loan JPMC subordinate loan
Principal balance at closing 28,820 1,150
Most Recent Quarterly Activity
Principal balance on 6/30/2009 (including accrued and capitalized interest) 29,159 1,217
Accrued and capitalized interest 6/30/2009 to 9/30/2009 37 16
Repayment during the period from 6/30/2009 to 9/30/2009 0 0
Principal balance on 9/30/2009 (including accrued and capitalized interest) 29,196 1,233
Note: Unaudited. As part of the asset purchase agreement, JPMC made a loan to Maiden Lane LLC. For repayment purposes, this obligation is subordinated to the senior loan extended by the FRBNY.

Table 17. Maiden Lane LLC Summary of Portfolio Composition, Cash and Cash Equivalents, and Other Assets and Liabilities
Millions of dollars

  Fair value on 9/30/2009 Fair value on 6/30/2009
Agency MBS 17,437 16,424
Non-agency RMBS 1,938 1,962
Commercial loans 4,025 4,447
Residential loans 623 683
Swap contracts 1,318 1,827
TBA commitments1 382 1,199
Other investments 863 736
Cash & cash equivalents 1,446 1,805
Other assets2 527 827
Other liabilities3 (2,418) (4,151)
Net assets 26,141 25,759
Note: Unaudited. Components may not sum to totals because of rounding.
1. To be announced (TBA) commitments are commitments to purchase or sell mortgage-backed securities for a fixed price at a future date. Return to table
2. Including interest and principal receivable and other assets. Return to table
3. Including amounts payable for securities purchased, collateral posted to Maiden Lane LLC by swap counterparties, and other liabilities and accrued expenses Return to table

Table 18. Maiden Lane LLC Securities Distribution by Sector and Rating
Percent, as of September 30, 2009

Sector1 Rating
AAA AA+ to AA- A+ to A- BBB+ to BBB- BB+ and lower Gov't/
Agency 		Total
Agency CMOs2 0.0 0.0 0.0 0.0 0.0 86.2 86.2
Non-agency CMOs 0.5 0.6 0.8 0.4 7.3 0.0 9.6
Other2 1.5 0.9 0.3 0.9 0.7 0.0 4.3
Total 2.0 1.5 1.1 1.3 8.0 86.2 100.0
Note: Unaudited. This table presents the sector and ratings composition of the securities in the Maiden Lane LLC portfolio as a percentage of all securities in the portfolio. It is based on the fair value of the securities. Lowest of all ratings is used for purposes of this table. Rows and columns may not sum to totals because of rounding.
1. Does not include Maiden Lane LLC's swaps and other derivative contracts, commercial and residential mortgage loans, and TBA investments. Return to table
2. Includes all asset sectors that, individually, represent less than 5 percent of the aggregate fair value of securities in the portfolio. Return to table

Figure 2. Maiden Lane LLC Securities Distribution as of September 30, 2009

American International Group (AIG)

Recent Developments

  • The balance on the AIG revolving credit facility decreased from $25.8 billion to $25.3 billion between January 27 and February 24, 2010, as indicated in table 19A. The decline was primarily attributable to principal repayments and reductions outpacing drawdowns on the facility.
  • On March 12, 2010, the maximum amount available under the AIG revolving credit facility was reduced from $35 billion to approximately $34.4 billion in connection with the sale of the property and casualty premium finance assets of AIG Credit Corp. and its subsidiaries to Premium Financing Specialists, Inc.
  • On February 28, 2010, AIG reported a net loss attributable to AIG of $10.9 billion for 2009, compared to a loss of $99.3 billion in 2008, as certain of its businesses continue to stabilize. For the quarter ended December 31, 2009, AIG reported a net loss attributable to AIG of $8.9 million and an adjusted net loss of $7.2 billion, compared with a net loss of $61.7 billion and an adjusted net loss of $38.5 billion in the fourth quarter of 2008.
  • On March 1, 2010, AIG announced the signing of a definitive agreement for the sale of AIA Group, Limited (AIA), to Prudential plc for approximately $35.5 billion, including approximately $25 billion in cash, $8.5 billion in face value of equity and equity-linked securities, and $2.0 billion in face value of preferred stock of Prudential, subject to closing adjustments. AIG stated that the cash portion of the proceeds from the sale will be used to fully redeem the approximately $16 billion of preferred interests held by the Federal Reserve Bank of New York (FRBNY) in the special purpose vehicle (SPV) that holds AIA, and to repay approximately $9 billion of its borrowing under the revolving credit facility with the FRBNY. AIG intends to monetize the securities received in the transaction over time, subject to market conditions, following the lapse of certain minimum holding periods set forth in the definitive agreement with Prudential. AIG will then apply an amount equal to the net cash proceeds resulting from these transactions to repay any remaining debt outstanding under the revolving credit facility. The transaction has been approved by the boards of directors of both AIG and Prudential, and is expected to close by the end of 2010. The transaction is subject to approval by Prudential shareholders, regulatory approvals, and customary closing conditions.
  • On March 8, 2010, AIG announced the signing of a definitive agreement for the sale of American Life Insurance Company (ALICO) to MetLife, Inc. for approximately $15.5 billion, including $6.8 billion in cash and the remainder in equity securities of MetLife, subject to closing adjustments. AIG stated that the cash portion of the proceeds from this sale will be used to redeem an equivalent amount of the approximately $9 billion of preferred interests held by the FRBNY in the SPV that holds ALICO. AIG intends to monetize the MetLife securities received in the transaction over time, subject to market conditions, following the lapse of certain minimum holding periods set forth in the definitive agreement with MetLife. AIG will then apply an amount equal to the resulting net cash proceeds first to redeem the remainder of the preferred interests held by FRBNY in the ALICO SPV and, afterwards, to repay any remaining debt outstanding under the revolving credit facility. The transaction has been approved by the boards of directors of both AIG and MetLife, and is expected to close by the end of 2010, subject to the approvals of certain domestic and international regulatory bodies and to customary closing conditions.

Table 19A. AIG Revolving Credit Facility
Billions of dollars

  Borrowing
Balance on January 27, 2010 25.8
   Principal drawdowns 1.5
   Principal repayments and reductions (2.2)
   Recapitalized interest and fees 0.0
   Amortization of restructuring allowance 0.1
Balance on February 24, 2010 25.3
Note: Unaudited. Components may not sum to total because of rounding. Does not include Maiden Lane II LLC and Maiden Lane III LLC. Does not include preferred interests in AIA Aurora LLC and ALICO Holdings LLC.

Table 19B. Preferred Interests in AIA Aurora LLC and ALICO Holdings LLC
Billions of dollars

Balance on February 24, 2010 Value
Preferred Interests in AIA Aurora LLC and ALICO Holdings LLC1 25.1
Accrued dividends on preferred interests in AIA Aurora LLC and ALICO Holdings LLC 0.2
Note: Unaudited.
1. Book value. Return to table

Background

On September 16, 2008, the Federal Reserve, with the full support of the Treasury Department, announced that it would lend to AIG to prevent a disorderly failure of this systemically important firm, protect the financial system and the broader economy, and provide the company time to restructure its operations in an orderly manner. Initially, the FRBNY extended an $85 billion line of credit to the company. The terms of the credit facility are disclosed on the Board's website (www.federalreserve.gov/monetarypolicy/bst_supportspecific.htm). Loans outstanding under this facility are presented weekly in table 1 of the H.4.1 statistical release and included in "Other loans" in tables 10 and 11 of the H.4.1 statistical release.

On November 10, 2008, the Federal Reserve and the Treasury announced a restructuring of the government's financial support to AIG. As part of this restructuring, two new limited liability companies (LLCs) were created, Maiden Lane II LLC and Maiden Lane III LLC, and the line of credit extended to AIG was reduced from $85 billion to $60 billion. (On October 8, 2008, the FRBNY was authorized to extend credit under a special securities borrowing facility to certain AIG subsidiaries. This arrangement was discontinued after the establishment of the Maiden Lane II facility.) More detail on these LLCs is reported in the remainder of this section. Additional information is included in tables 5 and 6 of the H.4.1 statistical release.

On March 2, 2009, the Federal Reserve and the Treasury announced further restructuring of the government's assistance to AIG, designed to enhance the company's capital and liquidity in order to facilitate the orderly completion of the company's global divestiture program. Additional information on the restructuring is available at www.federalreserve.gov/newsevents/press/other/20090302a.htm.

On April 17, 2009, the FRBNY implemented a loan restructuring adjustment that was previously approved and announced on March 2. The interest rate on the loan to AIG, which was the three-month Libor plus 300 basis points, was modified by removing the existing interest rate floor of 3.5 percent on the Libor component. Consistent with GAAP, as of July 29, 2009, the reported value of the AIG revolving credit extension was reduced by a $1.3 billion adjustment to reflect the loan restructuring. This restructuring adjustment is intended to recognize the economic effect of the reduced interest rate and will be recovered as the adjustment is amortized over the remaining term of the credit extension. The Federal Reserve expects that the credit extension, including interest and commitment fees under the modified terms, will be fully repaid.

The interest rate on the loan to AIG is the three-month Libor, plus 300 basis points. The lending under this facility is secured by a pledge of assets of AIG and its primary nonregulated subsidiaries, including all or a substantial portion of AIG's ownership interest in its regulated U.S. and foreign subsidiaries. Furthermore, AIG's obligations to the FRBNY are guaranteed by certain domestic, nonregulated subsidiaries of AIG with more than $50 million in assets.

On June 25, 2009, the FRBNY entered into agreements with AIG to carry out two transactions previously approved and announced on March 2, 2009, as part of the restructuring of the U.S. government's assistance to AIG. These transactions were completed on December 1, 2009. Under these agreements, the FRBNY received preferred interests in two SPVs, AIA Aurora LLC and ALICO Holdings LLC, formed to hold the outstanding common stock of AIG's largest foreign insurance subsidiaries, AIA and ALICO. In exchange, upon the closing of each transaction and the resulting issuance of preferred interests, the outstanding balance of, and amount available to, AIG (excluding capitalized interest and fees) under the revolving credit facility was reduced by $25 billion. Specifically, the maximum amount available was reduced from $60 billion to $35 billion. By establishing the AIA and ALICO SPVs as separate legal entities, these transactions positioned AIA and ALICO for future initial public offerings (IPOs) or sale. The proceeds generated from an IPO or sale of AIA or ALICO would be used to redeem the preferred interests held by the FRBNY in the two SPVs, AIA Aurora LLC and ALICO Holdings LLC, respectively. On the H.4.1 statistical release, accrued but unpaid dividends on the preferred interests in the two SPVs are included in "Other Federal Reserve assets" in table 1, and in "Other assets" in table 10 and table 11.

Figure 3 shows the amount of credit extended to AIG over time through the credit facility, including the principal, interest, and commitment fees, along with the facility ceiling.

Figure 3. AIG Revolving Credit

Figure 3. AIG Revolving Credit

Note: The above data illustrate selected components of the amount of credit extended to the American International Group Inc., including loan principal, all capitalized interest and fees, and the amortized portion of the initial commitment fee. The data exclude commercial paper sold by AIG and its subsidiaries to the Commercial Paper Funding Facility as well as amounts borrowed prior to December 12, 2008, under a securities borrowing arrangement. The facility ceiling represents the limit on the credit agreement plus capitalized interest and fees. From November 7, 2008 until December 1, 2009, the ceiling was $60 billion (excluding capitalized interest and fees); on December 1, 2009, it was reduced to $35 billion.
Accessible Version

Maiden Lane II LLC

Pursuant to authority granted by the Federal Reserve Board under Section 13(3) of the Federal Reserve Act, the FRBNY, on December 12, 2008, lent approximately $19.5 billion to a newly formed Delaware limited liability company, Maiden Lane II LLC, to partially fund the purchase of residential mortgage-backed securities (RMBS) from the securities lending portfolio of several regulated U.S. insurance subsidiaries of AIG. Maiden Lane II LLC acquired the RMBS, which had an aggregate par value of approximately $39.3 billion, at the then-current market value of the RMBS of approximately $20.8 billion, which was substantially below par value.2 The full portfolio of RMBS held by Maiden Lane II LLC serves as collateral for the Federal Reserve's loan to Maiden Lane II LLC, and AIG's insurance subsidiaries also have a $1 billion subordinated position in Maiden Lane II LLC that is available to absorb first any losses that may be realized. Details of the terms of the loan are published on the FRBNY website (www.newyorkfed.org/markets/maidenlane2.html).

The net portfolio holdings of Maiden Lane II LLC are presented in tables 1, 10, and 11 of the weekly H.4.1 statistical release. Additional detail on the accounts of Maiden Lane II LLC is presented in table 5 of the H.4.1 statistical release.

Information about the assets and liabilities of Maiden Lane II LLC is presented as of September 30, 2009, in tables 20 through 22 and figure 4. This information is updated on a quarterly basis.

Table 20. Maiden Lane II LLC Outstanding Principal Balance of Senior Loan and Fixed Deferred Purchase Price
Millions of dollars

  FRBNY senior loan AIG fixed deferred purchase price
Principal balance at closing 19,494 1,000
Most Recent Quarterly Activity
Principal balance on 6/30/2009 (including accrued and capitalized interest) 17,712 1,020
Accrued and capitalized interest 6/30/2009 to 9/30/2009 55 8
Repayment during the period from 6/30/2009 to 9/30/2009 (966) 0
Principal balance on 9/30/2009 (including accrued and capitalized interest) 16,801 1,028
Note: Unaudited. As part of the asset purchase agreement, AIG subsidiaries were entitled to receive from Maiden Lane II LLC a fixed deferred purchase price plus interest on the amount. This obligation is subordinated to the senior loan extended by the FRBNY, and it reduced the amount paid by Maiden Lane II LLC for the assets by a corresponding amount.

Table 21. Maiden Lane II LLC Summary of RMBS Portfolio Composition, Cash and Cash Equivalents, and Other Assets and Liabilities
Millions of dollars

  Fair value on 9/30/2009 Fair value on 6/30/2009
Alt-A (ARM) 4,903 4,455
Subprime 8,758 8,348
Option ARM 939 840
Other1 1,299 1,371
Cash & cash equivalents 297 327
Other assets2 3 3
Other liabilites3 (2) (2)
Net assets 16,197 15,341
Note: Unaudited. Components may not sum to totals because of rounding.
1. Includes all asset sectors that, individually, represent less than 5 percent of aggregate outstanding fair value of securities in the portfolio. Return to table
2. Including interest and principal receivable and other receivables. Return to table
3. Including accrued expenses and other payables. Return to table

Table 22. Maiden Lane II LLC Asset Distribution by Sector and Rating
Percent, as of September 30, 2009

RMBS sector Rating
AAA AA+ to AA- A+ to A- BBB+ to BBB- BB+ and lower Total
Alt-A (ARM) 0.9 3.0 2.6 1.4 23.0 30.8
Subprime 8.1 3.0 2.9 2.6 38.5 55.1
Option ARM 0.0 0.0 0.0 0.0 5.9 5.9
Other1 0.1 0.6 0.0 0.0 7.4 8.2
Total 9.1 6.6 5.5 4.0 74.7 100.00
Note: Unaudited. This table presents the sector and ratings composition of Maiden Lane II LLC's RMBS portfolio as a percentage of aggregate fair value of the securities in the portfolio. Lowest of all ratings is used for the purposes of this table. Rows and columns may not sum to totals because of rounding.
1. Includes all asset sectors that, individually, represent less than 5 percent of the aggregate fair value of securities in the portfolio. Return to table

Figure 4. Maiden Lane II LLC Securities Distribution as of September 30, 2009

Maiden Lane III LLC

Pursuant to authority granted by the Federal Reserve Board under Section 13(3) of the Federal Reserve Act, the FRBNY in November and December 2008, lent approximately $24.3 billion to a newly formed Delaware limited liability company, Maiden Lane III LLC, to fund the purchase of certain asset-backed collateralized debt obligations (ABS CDOs) from certain counterparties of AIG Financial Products Corp. (AIGFP) on which AIGFP had written credit default swaps and similar contracts. Maiden Lane III LLC acquired these CDOs, which had an aggregate par value of approximately $62.1 billion, at the then-current market value of the CDOs of approximately $29.6 billion, which was substantially below par value.3 The full portfolio of CDOs held by Maiden Lane III LLC serves as collateral for the Federal Reserve's loan to Maiden Lane III LLC, and an AIG subsidiary also has a $5 billion subordinated position in Maiden Lane III LLC that is available to absorb first any losses that may be realized. Details of the terms of the loan are published on the FRBNY website (www.newyorkfed.org/markets/maidenlane3.html). Assets of the portfolio of the LLC will be managed to maximize cash flows to ensure repayment of obligations of the LLC while minimizing disruptions to financial markets.

The net portfolio holdings of Maiden Lane III LLC are presented in tables 1, 10, and 11 of the weekly H.4.1 statistical release. Additional detail on the accounts of Maiden Lane III LLC is presented in table 6 of the H.4.1 statistical release.

Information about the assets and liabilities of Maiden Lane III LLC is presented as of September 30, 2009, in tables 23 through 25 and figure 5. This information is updated on a quarterly basis.

Table 23. Maiden Lane III LLC Outstanding Principal Balance of Senior Loan and Equity Contribution
Millions of dollars

  FRBNY senior loan AIG equity contribution
Principal balance at closing 24,339 5,000
Most Recent Quarterly Activity
Principal balance on 6/30/2009 (including accrued and capitalized interest) 22,614 5,108
Accrued and capitalized interest 6/30/2009 to 9/30/2009 66 43
Repayment during the period from 6/30/2009 to 9/30/2009 (2,825) 0
Principal balance on 9/30/2009 (including accrued and capitalized interest) 19,855 5,151
Note: Unaudited. As part of the asset purchase agreement, AIG purchased a $5 billion equity contribution, which is subordinated to the senior loan extended by FRBNY.

Table 24. Maiden Lane III LLC Summary of Portfolio Composition, Cash and Cash Equivalents, and Other Assets and Liabilities
Millions of dollars

  Fair value on 9/30/2009 Fair value on 6/30/2009
High-Grade ABS CDO 16,001 14,491
Mezzanine ABS CDO 2,099 1,882
Commercial real estate CDO 4,572 4,186
RMBS, CMBS, & Other 246 225
Cash & cash equivalents 547 1,645
Other assets1, 38 59
Other liabilites2 (3) (4)
Total 23,500 22,485
Note: Unaudited. Components may not sum to totals because of rounding.
1. Including interest and principal receivable and other receivables. Return to table
2. Including accrued expenses. Return to table

Table 25. Maiden Lane III LLC Securities Distribution by Sector, Vintage, and Rating
Percent, as of September 30, 2009

Sector and vintage1 Rating
AAA AA+ to AA- A+ to A- BBB+ to BBB- BB+ and lower Not Rated Total
High-grade ABS CDO 0.0 0.0 0.0 0.7 69.1 0.0 69.8
   Pre-2005 0.0 0.0 0.0 0.7 23.9 0.0 24.6
   2005 0.0 0.0 0.0 0.0 30.1 0.0 30.1
   2006 0.0 0.0 0.0 0.0 7.5 0.0 7.5
   2007 0.0 0.0 0.0 0.0 7.6 0.0 7.6
Mezzanine ABS CDO 0.0 0.2 0.0 1.4 7.3 0.3 9.2
   Pre-2005 0.0 0.2 0.0 1.0 4.0 0.3 5.5
   2005 0.0 0.0 0.0 0.0 2.9 0.0 2.9
   2006 0.0 0.0 0.0 0.0 0.0 0.0 0.0
   2007 0.0 0.0 0.0 0.4 0.3 0.0 0.7
Commercial real-estate CDO 1.9 0.5 17.6 0.0 0.0 0.0 20.0
   Pre-2005 1.9 0.5 2.8 0.0 0.0 0.0 5.2
   2005 0.0 0.0 0.0 0.0 0.0 0.0 0.0
   2006 0.0 0.0 0.0 0.0 0.0 0.0 0.0
   2007 0.0 0.0 14.8 0.0 0.0 0.0 14.8
RMBS, CMBS, and other 0.2 0.2 0.1 0.1 0.5 0.0 1.1
   Pre-2005 0.0 0.0 0.0 0.1 0.1 0.0 0.2
   2005 0.2 0.1 0.1 0.1 0.4 0.0 0.8
   2006 0.0 0.0 0.0 0.0 0.1 0.0 0.1
   2007 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total 2.1 0.8 17.7 2.2 76.9 0.3 100.0
Note: Unaudited. This table presents the security, vintage, and rating composition of the securities in the Maiden Lane III LLC portfolio as a percentage of all securities in the portfolio. It is based on the fair value of the securities. Lowest of all ratings is used for purposes of this table. Rows and columns may not sum to totals because of rounding.
1. The year of issuance with the highest concentration of underlying assets as measured by outstanding principal balance determines the vintage of the CDO. Return to table

Figure 5. Maiden Lane III LLC Securities Distribution as of September 30, 2009

2. The aggregate amount of interest and principal proceeds from RMBS received after the announcement date, but prior to the settlement date, net of financing costs, amounted to approximately $0.3 billion and therefore reduced the amount of funding required at settlement by $0.3 billion, from $20.8 billion to $20.5 billion. Return to text
3. The aggregate amount of interest and principal proceeds from CDOs received after the announcement date, but prior to the settlement dates, net of financing costs, amounted to approximately $0.3 billion and therefore reduced the amount of funding required at settlement by $0.3 billion, from $29.6 billion to $29.3 billion. Return to text

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Last update: August 2, 2013