WASHINGTON, Jan 5 (Reuters) - The U.S. Treasury Department
said on Monday that General Motors Corp would receive a
second government loan installment of $5.4 billion on Jan. 16
from the government's $700 billion financial rescue fund.
The department also said it had completed a $20 billion investment in Citigroup -- a bailout announced on Nov. 23 -- and had purchased a further $15 billion in bank equity.
Congress approved the $700 billion Troubled Asset Relief Program in early October, but the Treasury currently has authority to use only half that amount and Congress could block the rest. However, it has made pledges that now total $354.4 billion.
Following is an outline of what has been spent or pledged from the funds the Treasury can currently tap. For details, see: www.treas.gov/initiatives/eesa/transactions.shtml
-- $250 billion had been pledged for purchases of senior preferred shares and warrants in banks and thrifts; other commitments could force the Treasury to scale this back.
In its latest report, which covered the period ending Dec. 31, the Treasury said it had completed equity purchases totaling $177.5 billion under this portion of the program. A further $10 billion is approved for Merrill Lynch but has been deferred pending its merger with Bank of America .
-- $40 billion investment in troubled insurer American International Group.
-- $20 billion investment in Citigroup.
-- $19.4 billion to prop up the U.S. auto industry. The amount includes $10.4 billion in loans to General Motors Corp , including $1 billion for GM to help its affiliate GMAC reorganize as a bank holding company; a $4 billion loan for Chrysler LLC; and a $5 billion direct investment in GMAC. GM could qualify for a further $4 billion loan in March, but that would have to come from the final $350 billion tranche of the financial rescue fund.
-- $5 billion pledged to cover potential losses on a portfolio of Citigroup mortgage-related assets.
-- $20 billion pledged to cover potential losses for a Federal Reserve program aimed at improving consumer access to credit.
(Compiled by Reuters' Washington bureau; Editing by Dan Grebler) Keywords: FINANCIAL/BAILOUT TREASURY (tim.ahmann@thomsonreuters.com; +1-202-898-8370; Reuters Messaging: tim.ahmann.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The department also said it had completed a $20 billion investment in Citigroup -- a bailout announced on Nov. 23 -- and had purchased a further $15 billion in bank equity.
Congress approved the $700 billion Troubled Asset Relief Program in early October, but the Treasury currently has authority to use only half that amount and Congress could block the rest. However, it has made pledges that now total $354.4 billion.
Following is an outline of what has been spent or pledged from the funds the Treasury can currently tap. For details, see: www.treas.gov/initiatives/eesa/transactions.shtml
-- $250 billion had been pledged for purchases of senior preferred shares and warrants in banks and thrifts; other commitments could force the Treasury to scale this back.
In its latest report, which covered the period ending Dec. 31, the Treasury said it had completed equity purchases totaling $177.5 billion under this portion of the program. A further $10 billion is approved for Merrill Lynch but has been deferred pending its merger with Bank of America .
-- $40 billion investment in troubled insurer American International Group.
-- $20 billion investment in Citigroup.
-- $19.4 billion to prop up the U.S. auto industry. The amount includes $10.4 billion in loans to General Motors Corp , including $1 billion for GM to help its affiliate GMAC reorganize as a bank holding company; a $4 billion loan for Chrysler LLC; and a $5 billion direct investment in GMAC. GM could qualify for a further $4 billion loan in March, but that would have to come from the final $350 billion tranche of the financial rescue fund.
-- $5 billion pledged to cover potential losses on a portfolio of Citigroup mortgage-related assets.
-- $20 billion pledged to cover potential losses for a Federal Reserve program aimed at improving consumer access to credit.
(Compiled by Reuters' Washington bureau; Editing by Dan Grebler) Keywords: FINANCIAL/BAILOUT TREASURY (tim.ahmann@thomsonreuters.com; +1-202-898-8370; Reuters Messaging: tim.ahmann.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.