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Rating:Treasury Pockets $1.2 Billion From Money Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, September 18, 2009

Treasury Pockets $1.2 Billion From Money Funds

News summary by MFWire's editors

The U.S. Treasury's money-market insurance program ends Friday, but the Treasury will keep over one billion dollars in payments from money funds.

The $1.2 billion collected from asset managers "will stay with the Treasury," a U.S. Treasury official told Reuters. The money was used to support guarantees to back the $3.5 trillion money market industry, in case of a complete collapse.

Although money-market fund firms never used the insurance, the Treasury will keep the money in the Treasury Exchange Stabilization Fund, which had $52.4 billion in assets at the end of last quarter. (That's the same fund the Treasury used in November to buy up to $5.6 billion in assets from one of the Reserve's less-infamous beleaguered funds, the Reserve U.S. Government Fund

Edited by: Daniel Tovrov


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