Ally Financial Repays Remaining $4.5 Billion of Debt Issued Under TLGP
DETROIT, Dec. 19, 2012 /PRNewswire/ -- Ally Financial Inc. (Ally) today announced it has repaid the remaining $4.5 billion in debt issued under the FDIC's Temporary Liquidity Guarantee Program (TLGP), and in doing so, effectively exited the program. The company issued this debt on June 3, 2009, with a maturity date of Dec. 19, 2012.
"Repayment of the remaining debt issued under the TLGP marks an important milestone for Ally as we continue our plans to exit the government support programs utilized during the financial crisis," said Ally Senior Executive Vice President of Finance and Corporate Planning Jeffrey Brown. "Ally has made significant progress this year in reducing risks, gaining momentum in our core automotive services and direct banking franchises, and successfully executing strategic actions that will further strengthen the company going forward."
Ally repaid $2.9 billion of debt guaranteed under the TLGP on Oct. 30, 2012.
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, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and online checking. Ally's Commercial Finance unit provides financing to middle-market companies across a broad range of industries.
With approximately $182 billion in assets as of Sept. 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