Alico's financial position strong and stable.Summary: The Board of Directors of American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc. (NYSE NYSE See: New York Stock Exchange :AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ) issued the following statement on September 16th, 2008 in response to the announcement by the Federal Reserve Board that the Federal Reserve Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. is providing a two-year, $85 Billion secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility to AIG that will ensure the company can meet its liquidity needs "The AIG Board has approved this transaction based on its determination that this is the best alternative for all of AIG's constituencies, including policyholders, customers, creditors, counterparties Counterparties The parties on either side of an interest rate swap or a currency, equity or commodity swap, or to an options or futures position. , employees and shareholders. AIG is a solid company with over $1 Trillion in assets and substantial equity, but it has been recently experiencing serious liquidity issues. Alico's financial position strong and stable The Board of Directors of American International Group, Inc. (NYSE:AIG) issued the following statement on September 16th, 2008 in response to the announcement by the Federal Reserve Board that the Federal Reserve Bank of New York is providing a two-year, $85 Billion secured revolving credit facility to AIG that will ensure the company can meet its liquidity needs "The AIG Board has approved this transaction based on its determination that this is the best alternative for all of AIG's constituencies, including policyholders, customers, creditors, counterparties, employees and shareholders. AIG is a solid company with over $1 Trillion in assets and substantial equity, but it has been recently experiencing serious liquidity issues. We believe the loan, which is backed by profitable, well-capitalized operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. with substantial value, will protect all AIG policyholders, address rating agency concerns and give AIG the time necessary to conduct asset sales on an orderly basis. We expect that the proceeds of these sales will be sufficient to repay the loan in full and enable AIG's businesses to continue as substantial participants in their respective markets. In return for providing this essential support, American taxpayers will receive a substantial majority ownership interest in AIG". Policyholders of AIG companies around the world can rest assured that AIG's commitments will continue to be honored. AIG's life insurance, general insurance and retirement services businesses continue to operate normally and remain adequately capitalized and fully capable of meeting their obligations to policyholders. The insurance policies written by AIG companies are direct obligations of its regulated subsidiary insurance companies around the world. These companies are well capitalized and meet or exceed local regulatory capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . The companies continue to operate in the normal course to meet obligations to policyholders. The AIG companies are fully committed (Law) committed to prison for trial, in distinction from being detained for examination. See also: Fully to maintaining required capital levels in all of its subsidiaries and to meeting the needs of their customers around the world. 2008 Al Bawaba (www.albawaba.com) 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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