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Citigroup Gave Its SIVs $7.6 Bln

06 Nov 2007

Citigroup has provided its structured investment vehicles with $7.6 billion in funding, as of Oct. 31, as the market for asset-backed commercial paper has dried up, according to a filing made with the Securities and Exchange Commission yesterday.

--Leo Shvartsman

Citigroup has provided its structured investment vehicles with $7.6 billion in funding, as of Oct. 31, as the market for asset-backed commercial paper has dried up, according to a filing made with the Securities and Exchange Commission yesterday. News of the funding was first reported by Bloomberg News. The bank has $10 billion in committed liquidity for its seven SIVs, whose assets totaled $83 billion as of Sept. 30. Citigroup recently announced that it may write-off as much as $11 billion on subprime-related investments in the fourth quarter. The bank’s chief executive resigned at a board meeting this past weekend.

06 Nov 2007

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