The Federal Reserve Bank of New York announced today that it expects to conclude the arrangements necessary for the financing of JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies Inc. on or about June 26, 2008. The New York Fed, in coordination with JPMorgan Chase, is working carefully and expeditiously to put in place the operational arrangements necessary for the transfer of the portfolio to take place. The terms of this arrangement remain as described in the documentation signed on March 28, 2008.
The portfolio of assets will be managed to minimize disruption to financial markets and maximize recovery value. The New York Fed will provide an estimate of the current valuation of the portfolio at the time of the closing, on or about June 26, 2008.