Ally Financial Repays $2.9 Billion of Debt Issued under TLGP Company expects full repayment in December 2012
DETROIT, Oct. 31, 2012 /PRNewswire/ -- Ally Financial Inc. (Ally) today announced it has repaid $2.9 billion in debt issued under the FDIC's Temporary Liquidity Guarantee Program (TLGP). The company issued this debt on Oct. 30, 2009 with a maturity date of Oct. 30, 2012.
"The TLGP enabled Ally to access another source of liquidity during a time when there were limited options for financial institutions. This liquidity was a key contributor in Ally being able to continue offering financing options for thousands of auto dealers across the U.S. and millions of their customers during the financial crisis," said Ally Senior Executive Vice President of Finance and Corporate Planning Jeffrey Brown. "Ally continues to make significant progress in executing our strategic plans, and the announcements we have made in recent weeks will further enable us to repay the assistance from government programs."
The final Ally debt issuance guaranteed under the TLGP will be repaid in December 2012 and totals $4.5 billion.
About Ally Financial
Ally Financial Inc. is a leading automotive financial services company powered by a top direct banking franchise. Ally's automotive services business offers a full suite of financing products and services, including new and used vehicle inventory and consumer financing, leasing, inventory insurance, commercial loans and vehicle remarketing services. Ally Bank, the company's direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally's Commercial Finance unit provides financing to middle-market companies across a broad range of industries.
With approximately $179 billion in assets as of June 30, 2012, Ally operates as a bank holding company. For more information, visit the Ally media site at http://media.ally.com or follow Ally on Twitter: @Ally.
SOURCE Ally Financial