The additional information includes the CUSIP number, descriptor, and the current principal balance or notional amount outstanding for all of the positions in each of three Maiden Lane portfolios. In addition to the new data being provided today, the Federal Reserve already provides an extensive amount of information that describes the formation of the portfolios and the nature, quality, and valuation of the assets acquired by them. The publicly available information on the New York Fed's website and in the Federal Reserve's weekly H.4.1 statistical release includes fully audited annual financial statements as well as a quarterly fair market value breakdown of the assets, all of which provides a clear and up-to-date view of the portfolios.
The Federal Reserve recognizes the importance of transparency to its financial stability efforts and will continue to review disclosure practices with the goal of making additional information publicly available when possible. The release of this information today comes after reaching agreement on issues of confidentiality with JPMorgan Chase with respect to the assets of ML and the American International Group, Inc. (AIG) with respect to ML II and ML III.
As part of extending support to specific institutions, under section 13 (3) of the Federal Reserve Act, the Board of Governors of the Federal Reserve System in 2008 authorized the New York Fed to facilitate lending to three limited liability companies—ML, ML II and ML III. ML was formed to facilitate the merger of The Bear Stearns Companies, Inc. and JPMorgan Chase. The New York Fed extended credit to ML to acquire certain assets of Bear Stearns.
ML II and ML III were formed to facilitate the restructuring of the government’s financial support to AIG. The New York Fed extended credit to ML II to purchase residential mortgage-backed securities from the securities lending portfolio of several regulated U.S. insurance subsidiaries of AIG. The New York Fed extended credit to ML III to purchase multi-sector collateralized debt obligations from certain counterparties of AIG Financial Products Corp.
Holdings of Maiden Lane LLC as of January 29, 2010
Holdings of Maiden Lane II LLC as of January 29, 2010
Holdings of Maiden Lane III LLC as of January 29, 2010
Dates have been corrected, consistent with the linked PDF documents.