Capital Markets Update THEN and NOW February 19, 2009 Christine Solich Assistant Director of...
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Transcript of Capital Markets Update THEN and NOW February 19, 2009 Christine Solich Assistant Director of...
Capital Markets UpdateTHEN and NOW
February 19, 2009
Christine SolichAssistant Director of Investments
Capital Markets and the PMIA THEN and NOW
THEN: A look back to the beginning 6/30/07 A current look at 12/31/08 Discussion of asset redistribution
NOW: Review of Troubled Asset Relief Program (TARP) Portfolio Safety, Liquidity, Yield Transparency
“We are more interested in the return of your money than the return on your money”….
Mark Twain
PMIA Portfolio Composition--06/30/07$65.6 billion
Agencies13.8 Billion
21%
Mortgages0.6 Billion
1%
Treasuries3.3 Billion
5%
Loans7.2 Billion
11%Corporate Bonds
0.6 Billion1%
Commercial Paper14.4 Billion
22%
Time Deposits8.5 Billion
13%
CDs/Bank Notes17.0 Billion
26%
PMIA Portfolio Composition--12/31/08$63.3 billion
Agencies15.2 Billion
24%
Mortgages1.3 Billion
2%
Treasuries11.4 Billion
18%Loans21.5 Billion
34%
Commercial Paper1.9 Billion
3%
Time Deposits8.2 Billion
13%
CDs/Bank Notes3.8 Billion
6%
PMIA Portfolio Composition--06/30/07$65.6 billion
Agencies13.8 Billion
21%
Mortgages0.6 Billion
1%
Treasuries3.3 Billion
5%
Loans7.2 Billion
11%
Corporate Bonds0.6 Billion
1%
Commercial Paper14.4 Billion
22%
Time Deposits8.5 Billion
13%
CDs/Bank Notes17.0 Billion
26%
PMIA Portfolio Composition--12/31/08$63.3 billion
Agencies15.2 Billion
24%
Mortgages1.3 Billion
2%
Treasuries11.4 Billion
18%Loans21.5 Billion
34%
Commercial Paper1.9 Billion
3%
Time Deposits8.2 Billion
13%
CDs/Bank Notes3.8 Billion
6%
Credit Facilities: Troubled Asset Relief Program
Capital Purchase Program (CPP) Temporary Liquidity Guarantee Program (TLGP)
Debt Guarantee Program (DGP) Transaction Account Guarantee Program (TAGP)
Systemically Significant Failing Institutions (SSI) Commercial Paper Funding Facility (CPFF) Money Market Investor Funding Facility (MMIFF) Money Market Fund Guarantee Program (MMFGP) Term Asset-backed Securities Loan Facility (TALF)
What do we expect from the Fed?
What more can the Fed do? Effect of Fed actions on the portfolio
Obligations of a Pool Manager
Safety, Liquidity and Yield
Provide complete transparency and timely reporting of program performance
Address all concerns, questions, and suggestions
“We are more interested in the return of your money than the return on your money”….
Mark Twain
