Ally Financial Repays TLGP $2.9 Billion
The former captive has repaid $2.9 billion in debt issued under the FDIC’s Temporary Liquidity Program. Officials said the company expects full repayment in December 2012.
DETROIT — Ally Financial Inc. today announced it has repaid $2.9 billion in debt issued under the Federal Deposit Insurance Corp.'s Temporary Liquidity Guarantee Program (TLGP). The company issued this debt on Oct. 30, 2009, with a maturity date of Oct. 30, 2012.
The final Ally debt issuance, which totals $4.5 billion, guaranteed under the TLGP will be repaid in December 2012, officials said.
"The TLGP enabled Ally to access another source of liquidity during a time when there were limited options for financial institutions. This liquidity was a key contributor in Ally being able to continue offering financing options for thousands of auto dealers across the United States and millions of their customers during the financial crisis," said Ally Senior Executive Vice President of Finance and Corporate Planning Jeffrey Brown. "Ally continues to make significant progress in executing our strategic plans, and the announcements we have made in recent weeks will further enable us to repay the assistance from government programs."
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