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Financial Planning > College Planning > Student Loan Debt

AIG Draws On Credit Facility

By Staff Writer

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American International Group Inc. has started using an $85 billion revolving credit line provided by the Federal Reserve Bank of New York.

AIG, New York, seems to have drawn $28 billion from the credit facility, according a comparison of with the and the

Releases in the Fed’s H.4.1 series cover “Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks.”

The Fed will be reporting information about the AIG credit facility in a line referring to “other credit extensions,” the Fed says in a note printed at the top of the latest release, which came out Thursday.

The “other credit extensions” figure did not appear in the Sept. 10 release but stood at $28 billion Wednesday.

The Federal Reserve Bank of New York reports that it now has about $401 billion in “securities, repurchase agreements, term auction credit, and other loans,” up from $295 billion Sept. 19, 2007.

The amount of U.S. Treasury bonds, bills and notes at the New York Fed has fallen to $171 billion, from $282 billion.

The New York Fed asset total for “other loans,” which includes the AIG credit facility and other loans, has increased to $112 billion as of Wednesday, up from $12 billion a week earlier and up from $550 million a year earlier.

The Fed as a whole has a total of $849 billion in securities, repos, term auction credit and other loans, up from $780 billion a year ago and up from $814 billion a year ago.

At the Fed as a whole, U.S. Treasury bond, note and bill holdings stand at about $480 billion, the same as a week ago but down from $780 billion a year ago.

The Fed’s “other loans” total has increased to $121 billion, up from $24 billion a week ago and up from $1.4 billion a year ago.

But the Fed does seem to have searched under the nation’s sofa cushions for spare change: Total coin assets at the Fed have increased to $1.5 billion, about the same as last week, and up from $1.1 billion a year ago.

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