FDIC Guarantee of Citigroup Assets
Date:
November 23, 2008
Who:
FDIC
Policy Area:
Financial Sector Policy
Economic Target:
Financial Institutions
Action Type:
Government Guarantee
Maximum Amount:
$10.00 billion Part of a government guarantee of $301 billion in Citigroup assets by multiple entities (Treasury, FDIC, Federal Reserve). After Citigroup absorbs the first $29 billion in losses, the remaining losses are split 90:10 between the government and Citigroup, with the first $5 billion absorbed by the Treasury with TARP funds, the next $10 billion paid by the FDIC, and remaining losses covered by the Federal Reserve with a non-recourse loan.
See the companion guarantee of Citigroup assets by the Fed and Treasury.
Notes:
Amount spent updated as of 12/31/08.
On 1/16/2008, the Treasury revised its figure for total Citigroup guaranteed assets from $306 billion down to $301 billion.
Deficit impact unknown.
