Group has right to raise $7bn to repay Treasury
AIG has struck a deal to speed up repayment of its government support with the US Treasury.
Under a recapitalization plan, agreed with regulators, the 80% US government owned body has the right to raise up to $7bn by August 15, 2011. The package will enable the Treasury to recoup its investment, made during the height of the 2008 financial crisis, no later than mid March next year.
Tim Massad, US Treasury acting assistant secretary for financial stability, said: "Today's announcement is a milestone in the government's long-stated efforts to exit our investments in private companies as soon as practical while protecting taxpayers.”
"We believe taxpayers will recover every dollar invested in AIG and stand a good chance of making a profit."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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