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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors

Citigroup

Background

On November 23, 2008, the U.S. Department of the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) jointly announced that the U.S. government would provide support to Citigroup to contribute to financial market stability. The terms of the arrangement, under which the government parties provided capital and agreed to provide certain loss protections and liquidity supports to Citigroup with respect to a designated pool of $301 billion of assets, are available on support for specific institutions.

The Federal Reserve ultimately did not extend credit to Citigroup under this arrangement, and on December 23, 2009, the Treasury, the Federal Reserve, and the FDIC agreed to terminate their agreement with Citigroup. Citigroup paid an exit fee in order to terminate the agreement; the Federal Reserveís portion of the termination fee was $50 million.

 
Last update: August 2, 2013