• On October 6, 2008, all five Board members voted to authorize the New York Reserve Bank to lend up to $37.8 billion to AIG secured by the investment grade debt securities previously lent by AIG’s insurance subsidiary to third parties (the Securities Lending Facility).  (p
• The proceeds of the loan allowed AIG to return cash collateral to the securities lending counterparties as those counterparties returned the borrowed securities to AIG.
• The maximum amount actually drawn by AIG under this facility was about $20.5 billion.  (p10)

2010 0526 - FRB / COP - Testimony by Scott G. Alvarez (General Counsel) - Board of Governors of the Federal Reserve System before the Congressional Oversight Panel - 14p