Not so toxic
Source: Agencies |
January 25, 2011, Tuesday
|
Print Edition
Print Edition
THE United States Treasury's toxic asset funds have gained 27 percent since they were created to help revive the mortgage-backed securities market, data showed yesterday.
As part of the government's deeply unpopular US$700 billion bailout program, the funds were set up to remove illiquid securities from banks by matching private capital with taxpayer money and Treasury loans via funds run by private investment managers.
The eight toxic asset funds, run by asset managers such as BlackRock Inc Invesco Ltd and Marathon Asset Management, are all profitable.
Since the funds were established in 2009, they have used about US$5.2 billion of Treasury's equity investment to buy toxic assets. By the end of 2010, the funds have gained US$1.1 billion to about US$6.3 billion. Including some US$300 million in equity distributions, the Treasury's investment rose by 27 percent or US$1.4 billion, according to the data.
As part of the government's deeply unpopular US$700 billion bailout program, the funds were set up to remove illiquid securities from banks by matching private capital with taxpayer money and Treasury loans via funds run by private investment managers.
The eight toxic asset funds, run by asset managers such as BlackRock Inc Invesco Ltd and Marathon Asset Management, are all profitable.
Since the funds were established in 2009, they have used about US$5.2 billion of Treasury's equity investment to buy toxic assets. By the end of 2010, the funds have gained US$1.1 billion to about US$6.3 billion. Including some US$300 million in equity distributions, the Treasury's investment rose by 27 percent or US$1.4 billion, according to the data.
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