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Citi, US Officials Near Deal On Unit To House Risky Assets
2008年11月24日
Citigroup Inc. is nearing agreement with U.S. government officials to create a structure that would house some of the financial giant's risky assets, according to people familiar with the situation.
While the discussions remains fluid and might not result in an agreement, talks were progressing Sunday toward creation of what would essentially be a 'bad bank.' That structure would help Citigroup cleanse its balance sheet of billions of dollars in potentially toxic assets, these people said.
The bad bank also might absorb assets from Citigroup's off-balance-sheet entities, which hold $1.23 trillion. Some of those assets are tied to mortgages, and investors have worried such assets could cause heavy losses if they land on the company's balance sheet. Citigroup also has about $2 trillion in loans, securities and other assets on its balance sheet as of Sept. 30.
Behind the push is a broad effort to shore up faith in the New York company, which saw its stock price tumble by 60% last week to a 16-year low.
Under the terms being discussed, Citigroup would agree to absorb losses on assets covered by the agreement up to a certain threshold. The federal government would cover losses beyond that level, people familiar with the matter said. One person said the new entity is expected to hold about $50 billion of assets.
A Citigroup spokeswoman declined to comment on the discussions.
It is unclear whether the U.S. government will take an equity stake in Citigroup in return for providing a financial backstop. Also uncertain is if Citigroup would get a government loan to finance the facility. The government took that approach with insurer American International Group Inc. in late September.
It wasn't known Sunday afternoon if Citigroup will have to make changes to its executive ranks, board or elsewhere inside the company in return for getting government assistance.
After weekend discussions between Citigroup executives and officials at the Federal Reserve and Treasury Department, the parties are hoping to unveil an agreement Sunday evening, the people said.
As Citigroup shares fell last week, Chief Executive Vikram Pandit and other top executives insisted that the plunge wasn't a threat because the company has plenty of capital and liquidity. But by Friday, bank officials were hoping for a public expression of confidence by the government, believing that would help reassure clients and customers.
One rescue structure under consideration would resemble part of the $150 billion bailout plan that the government struck with AIG in November as part of a restructuring of the previous bailout. Two vehicles, funded largely by as much as $52.5 billion in government money, were created to take on risks from some of AIG's souring assets, including exposure to credit derivatives.
That deal also reduced interest costs on AIG's $60 billion loan from the government.
David Enrich / Carrick Mollenkamp
美国政府有望助花旗清理风险资产
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情人士透露，花旗集团同美国政府官员即将就建立一个接纳这家金融巨头部分风险资产的结构达成协议。
尽管讨论仍存在变数，可能不会签署任何协议，但周日有关方面在所谓“坏银行”的创立问题上取得了进展。这些人士称，这个结构将帮助花旗集团清理资产负债表中潜在的数十亿美元有害资产。
“坏银行”还可以吸收来自花旗银行表外实体的资产，这些实体的资产约为1.23万亿美元。其中一些资产同抵押贷款有关，投资者担心这些资产如果计入到公司的资产负债表中将会带来巨额亏损。截至9月30日，花旗集团的资产负债表中还有约2万亿美元贷款、证券和其它资产。
花旗集团一直在想方设法提振对该公司的信心。上周，该公司股价暴跌60%，创出了16年来的低点。
根据正在讨论的条款，花旗集团同意负担协议中所涵盖资产在某一特定水平以下的损失。知情人士称，联邦政府将负担超出此水平的损失。一位人士透露，新的实体预计将持有约500亿美元的资产。
花旗发言人对商谈情况不予置评。
尚不清楚美国政府是否接收花旗集团的部分股份，作为提供金融资助的回报。同样还不确定的是花旗集团是否会获得政府贷款为这一实体进行融资。政府在9月末救助美国国际集团时采取了这种做法。
周日下午时还不清楚花旗集团是否要改变其管理层、董事会或其它部分，以换取政府的资助。
这些人士称，花旗集团管理人员与美国联邦储备委员会和财政部官员在经过了周末的讨论后，各方希望能在周日晚间达成协议。
尽管花旗集团股价上周大幅下跌，但该公司首席执行长潘伟迪等高管都坚称，股票下跌不会对公司造成威胁，因为花旗仍有足够的资本和流动性。但上周五时，花旗管理人员希望政府能公开表示对该公司的信心，认为这有助于安抚各类客户。
正在考虑的一个救助结构同政府11月份与AIG达成的1,500亿美元的救助计划有部分相似，该计划是对此前救助方案的修正之一。这一计划将创建两个实体来接收AIG部分不良资产的风险，包括在信贷衍生工具方面的风险敞口，创建资金主要来自美国政府，最高可达525亿美元。
这项协议还降低了AIG从政府所获600亿美元贷款的利息成本。
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发表于 2016-8-12 16:31:59