The Federal Reserve Bank of New York has expanded the information that it makes available to the public related to the Maiden Lane portfolios.
The new information has close to all of the holdings of Maiden Lane — except for residential whole loans since disclosing this information would violate individual borrowers’ privacy — and all of the holdings of Maiden Lane II and Maiden Lane III.
The added data also includes the CUSIP number, descriptor, and the current principal balance or notional amount outstanding for all of the positions in each of three Maiden Lane portfolios.
Aside from the new data being provided, the Federal Reserve already offers an extensive amount of information that describes the formation of the portfolios and the nature, quality, and valuation of the assets acquired by them, according to a press release from the bank.
The publicly available information on the New York Fed's Web site and in the Federal Reserve's weekly H.4.1 statistical release also has fully audited annual financial statements and a quarterly fair market value breakdown of the assets, all of which give an up-to-date view of the portfolios.
The Fed said in the release that it recognizes the importance of transparency to its financial stability efforts and will continue to review disclosure practices with the goal of making additional information publicly available when possible. The release of this information today comes after reaching agreement on issues of confidentiality with JPMorgan Chase with respect to the assets of ML and the American International Group with respect to ML II and ML III.
As part of extending support to specific institutions, under section 13 (3) of the Federal Reserve Act, the Board of Governors of the Federal Reserve System authorized in 2008 the New York Fed to facilitate lending to three limited liability companies — ML, ML II and ML III. ML was formed to help the merger of Bear Stearns and JPMorgan. The New York Fed extended credit to ML to acquire certain Bear assets, the release stated.
Meanwhile, ML II and ML III were formed to help the restructuring of the government’s financial support to AIG, the release said. The New York Fed extended credit to ML II to purchase RMBS from the securities lending portfolio of several regulated AIG U.S. insurance subsidiaries. The New York Fed extended credit to ML III to purchase multi-sector CDOs from certain counterparties of AIG Financial Products Corp.
