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AIG makes $972 million TARP repayment to Treasury

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AIG makes $972 million TARP repayment to Treasury


reuters

On Tuesday November 1, 2011, 4:18 pm EDT

WASHINGTON (Reuters) - The Treasury Department received a $972 million repayment from American International Group (NYSE:AIG - News), funded by proceeds from the sale of AIG'S American Life Insurance Co. subsidiary last November, Treasury said on Tuesday.

Treasury said its remaining investment in AIG now stands at $50 billion, and the Federal Reserve has about $17.5 billion in loans outstanding to the investment vehicles that hold former AIG assets.


After the latest repayment, the government retains a 77 percent stake in AIG through its holdings of common and preferred stock in the insurer.

At the peak of the 2007-2009 financial crisis, the U.S. government bailout for AIG was valued at about $182 billion.

The release of some of the proceeds that had been held in escrow from the sale of AIG's American Life subsidiary to MetLife last year allowed AIG to make the repayment.

Treasury said it now has received overall repayments and other income totaling $317 billion from investments made under TARP, the Troubled Asset Relief Program funded by taxpayers that was used to bail out distressed financial firms.

That $317 billion figure represents nearly a 77 percent return out of the total $413 billion disbursed through TARP, Treasury said.

(Reporting by Glenn Somerville; Editing by Leslie Adler)

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