SCHEDA - I dettagli del piano asset tossici del Tesoro Usa

lunedì 23 marzo 2009 15:19

 23 marzo (Reuters) - Di seguito in lingua inglese i dettagli
del piano pubblico-privato di riassorbimento degli asset tossici
bancari preparato dal Tesoro Usa.
 The U.S. Treasury will provide $75 billion to $100 billion
to seed the program. The money would come from the $700 billion
financial rescue fund Congress approved in October.
 The Treasury plans to leverage that money to buy $500
billion worth of toxic assets with financing from the Federal
Deposit Insurance Corp, a U.S. bank regulator, and the Federal
Reserve, with the potential to reach to up to $1 trillion.
 Reaching the $1 trillion level without seeking new funding
from Congress will depend on investor interest in the program
and which parts of it prove more popular. The plan relies on
existing legal authority, so the Obama administration does not
need congressional approval to start it.
 By bringing in private investors, the government hopes to
jump-start market mechanisms to establish benchmark prices for
these assets. The plan will not impose executive pay
restrictions on passive private investors in the program.
 Treasury plans to seed a number of public-private investment
funds that would combine taxpayer money with private capital to
buy distressed "legacy" loans from banks.
 These investment funds could purchase these loans by raising
FDIC-guaranteed debt. The agency will offer up to a 6-1
debt-to-equity leverage ratio for these loans. So if investors
and the Treasury each contribute $1 billion in equity to a fund,
that entity can raise up to $12 billion in FDIC financing to
purchase $14 billion in loans.
 Under this part of the program, banks would approach the
FDIC with a pool of loans they want to sell. The FDIC would
offer financing and Treasury would partner with private
investors to bid in auctions for the loans.
 The auction and promised leverage determines the price for
the assets. The Treasury could provide anywhere from 50 percent
to 80 percent of the equity capital.
 Obama administration officials said this part of the program
could make up the largest portion of the asset purchases and the
distressed loans are the largest problem for banks that is
hampering their lending.
 Public-private funds also will get opportunities to buy
so-called "legacy' securities with a combination of private and
government capital, possibly levered up by the government.
 There are two basic approaches:
 --Under one, the Federal Reserve will provide financing by
expanding its Term Asset-Backed Securities Loan Facility, or
TALF. The TALF, which is now a $200 billion program, will be
expanded up to $1 trillion and will begin accepting older
residential mortgage-backed securities that were once rated
Triple-A and commercial mortgage-backed securities and
asset-backed securities that are Triple-A as collateral for
 These securities will be given a valuation "haircut" larger
than other TALF assets because of their riskier nature.
 Currently, the TALF offers loans only against new or
recently issued Triple-A rated asset-backed securities, with a
narrower pool of securities acceptable as collateral, such as
those backed by car loans, credit card debt and student loans.
 --Under the second approach, the Treasury will initially
hire five investment managers to raise capital with a
dollar-for-dollar public match. These fund managers would then
be able to access senior debt from the Treasury equal to 50
percent of the combined capital to buy securities.
 The government and private investors would share equally in
gains and losses from the program, and each dollar in private
equity will leverage two dollars in public funds.
 Applicants for these investment management positions must be
U.S.-based firms able to demonstrate they can raise at least
$500 million in private capital and have at least $10 billion in
eligible assets under management. Applications for the positions
must be submitted by April 10, and winners will be informed of
the decision by May 1.
 Winners will have a "limited period of time" to raise at
least $500 million in private capital.
 The Treasury hopes that by competing with each other, the
partnership would help create a price for legacy securities that
are not currently trading, while helping to ensure the
government does not pay too much.