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Capital Markets Update THEN and NOW February 19, 2009 Christine Solich

Capital Markets Update THEN and NOW February 19, 2009 Christine Solich Assistant 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:

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Capital Markets Update THEN and NOW February 19, 2009 Christine Solich

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  1. Capital Markets Update THEN and NOW February 19, 2009 Christine Solich Assistant Director of Investments

  2. 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

  3. “We are more interested in the return of your money than the return on your money”…. Mark Twain

  4. 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)

  5. What do we expect from the Fed? • What more can the Fed do? • Effect of Fed actions on the portfolio

  6. Obligations of a Pool Manager • Safety, Liquidity and Yield • Provide complete transparency and timely reporting of program performance • Address all concerns, questions, and suggestions

  7. “We are more interested in the return of your money than the return on your money”…. Mark Twain

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