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AIG Program Updates
One included nearly $70 million you to definitely Treasury enough time using TARP and you can $112 million enough time from the Government Set aside Financial of brand new York (FRBNY).
In the , Treasury offered their kept 234,169,156 shares out of AIG preferred inventory in the an enthusiastic underwritten personal offering getting aggregate proceeds of about $7.6 million.
Offering feeling compared to that sale, the general self-confident go back toward Federal Reserve and Treasury’s North Carolina title loans NC combined $182 billion commitment to balance out AIG within the overall economy is now $twenty-two.eight mil, having Treasury recognizing an optimistic get back of $5.0 billion therefore the Government Set aside realizing a positive come back out of $17.7 million.
As an element of the complete $5.0 billion confident come back to date, Treasury understood an excellent $4.step one mil self-confident go back to the the preferred stock holdings and you can a $0.9 mil self-confident go back on its well-known stock holdings. Within the Government Reserve’s $17.eight million positive come back to date is actually a $6.8 billion confident come back for the Government Set-aside Bank of the latest York’s (FRBNY) loans to help you AIG; a good $step 1.cuatro billion confident return for the popular appeal regarding AIA Aurora and you may ALICO special purpose car one held AIG’s premier foreign life insurance coverage subsidiaries; and you may a mixed $nine.5 billion positive get back toward Maiden Way II & III special-purpose vehicles.
Drifting Mortgage costs: The interest rate applicable into the Financial change which have change in the fresh new Bank’s Legs rate
The fresh mutual finances away from $9.5 mil regarding the Maiden Lane II and you may III special-purpose auto, which ordered home loan-relevant possessions of AIG as well as counterparties, portrayed the largest portion of the complete $twenty two.seven million confident go back.
Just like the overall economy, AIG keeps done a remarkable restructuring work, and this put it into the a more powerful standing to settle taxpayers. How big the firm could have been reduce almost by 50 percent because sold non-core possessions and worried about their key insurance coverage procedures. AIG’s Financial products equipment (AIGFP) is staying injury off features clipped its heritage types visibility because of the over 93 per cent up to now.
In the last 19 days, Treasury used six personal offerings from AIG common stock, offering a maximum of 1,655,037,962 offers (to start with 92 percent out of AIG’s the common stock) at the typical price of $ for each and every show. Treasury’s $20.7 mil AIG well-known inventory giving from inside the alone depicted the largest solitary You.Smon stock offering at this moment.
Following the are key situations while the restructuring at the beginning of 2011. Glance at a suggestions visual discussing all biggest AIG purchases courtesy .
AIG paid Treasury $2.dos million when you look at the proceeds from the fresh income of their subsidiaries AIG Superstar Life insurance coverage Co., Ltd. and AIG Edison Term life insurance Providers in order to Prudential Financial, Inc.
AIG reduced Treasury $6.9 mil to minimize an equal express out of Treasury’s prominent guarantee interest in AIG. This new proceeds originated in AIG’s selling of its collateral stake for the MetLife and you will off money previously stored for the expectation of expenditures related for the business of its Western Term life insurance Co. (ALICO) to MetLife.
Treasury offered 200 mil offers from AIG prominent stock for proceeds regarding $5.8 mil, and you will cancelled $dos mil off before enough time — however, undrawn financing.
AIG repaid Treasury $2.fifteen million funded from arises from brand new deals out of AIG’s Nan Shan life insurance coverage subsidiary. New proceeds were utilized to blow right back the fresh new U.S. taxpayers’ money for the AIG from the redemption out of the same section from Treasury’s common equity interests during the AIA Aurora LLC, a subsidiary regarding AIG.
