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FRANCISCO L. BORGES JOINS FINANCIAL GUARANTY INSURANCE COMPANY AS DIRECTOR OF PUBLIC FINANCE

 NEW YORK, Feb. 4 /PRNewswire/ -- Frank Borges will join Financial Guaranty Insurance Company ("FGIC") on March 1 as managing director of public finance, as announced today by Ann C. Stern, president and chief executive officer.
 Mr. Borges has held the office of treasurer for the State of Connecticut for the last six years and has managed all aspects of the State Treasury function. This responsibility has included overseeing annual cash flows in $22 billion and serving as sole trustee of a $10.5 billion pension fund.
 Three years ago, Mr. Borges helped to create and chaired the Bridgeport, Conn., Financial Review Board that ascertained the extent of Bridgeport's financial difficulties and established the appropriate controls.
 "Frank's experience in debt issuance and familiarity with the municipal bond market will be invaluable at FGIC." Said Ms. Stern. "He has the mandate to develop a strategic vision and long-term business plan for FGIC's public finance business," Stern continued.
 Mr. Borges began his career in 1978 when, upon graduation from law school, he was hired by Travelers Companies in Hartford, Conn. to work in the General Counsel's office. In the early 1980's, Mr. Borges had his first taste of local politics and served two terms on the City Council of Hartford before running for State Treasurer in 1986.
 Mr. Borges holds a J.D. degree from the University of Connecticut Law School and a B.A. degree from Trinity College, Hartford. He is married, has a 12-year old son, and resides in Bloomfield, Conn.
 In his new position, Mr. Borges will direct FGIC's public finance activities which focus on general obligation bonds in the areas of tax-backed, leasing and education; utilities, comprising transportation, water and sewer, investor-owned utilities and public power; and selected health care issues. In 1992, FGIC insured $21.1 billion of new issue bonds.
 A subsidiary of GE Capital, FGIC Corporation, through its subsidiary, Financial Guaranty Insurance Company, has established itself as a leading insurer of securities sold in the capital markets, principally municipal bonds. The company also guarantees a growing variety of debt issues outside of the municipal market.
 GE Capital, headquartered in Stamford, Conn., a wholly owned subsidiary of General Electric Company, is a diversified financial services company with assets exceeding $85 billion. GE Capital's financing activities include equipment and asset management, equipment financing, consumer/retail financial services, private label and VISA and MasterCard credit cards, automotive financing, commercial real estate financing and specialty insurance, such as private mortgage and municipal bonds. GE is a diversified manufacturing, technology and services company with operations worldwide.
 -0- 2/4/93
 /CONTACT: David Caouette of Financial Guaranty Insurance Company, 212-312-3009/


CO: Financial Guaranty Insurance Company ST: New York IN: FIN SU: PER

TS-OS -- NY069 -- 2981 02/04/93 12:27 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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