Data Dictionary
Item Number J822
LOANS AND SECURITIES: AIG - ACCRUED DIVIDENDS ON PREFERRED SECURITIES - AIACall confidentiality applies to FFIEC 031/041.
| Series | Start Date | End Date | Confidential? | Reporting Forms |
|---|---|---|---|---|
| FRBSJ822 | 2009-12-01 | 9999-12-31 | Yes | FR 34 |
Data Description:
In March 2009, the US Treasury and the Federal Reserve Board agreed to restructure the government assisted loan to AIG (see paragraph 3.07). As part of that agreement, up to $25 billion of the outstanding loan balance was paid down by AIG providing the New York Reserve Bank with preferred equity interests in two special purpose vehicles created to hold the equity of two AIG subsidiaries, American Life Insurance Company (ALICO) and American International Assurance Company Ltd. (AIA). The equity interests are in the form of preferred shares of stock in the two AIG subsidiaries. Dividends accrue as a percentage of the New York Reserve Bank's preferred interests in AIA and ALICO. On a quarterly basis, the accrued dividends are capitalized and added to the New York Reserve Bank's preferred interests in AIA and ALICO. The primary accounts related to the preferred equity interests are described below.
145-830 AIG preferred securities - AIA
145-845 AIG accrued dividends on preferred securities - AIA
145-860 AIG accrued dividends on preferred securities - ALICO
145-875 AIG preferred securities - ALICO