TBNY to Help in TARP

The Bank of New York Mellon (TBNY) has been selected by the U.S. Department of the Treasury to help implement the government's Troubled Asset Relief Program under the Emergency Economic Stabilization Act.

TBNY’s responsibilities under the program will include providing the accounting of record for the portfolio, holding all cash and assets in the portfolio, providing for pricing and asset valuation services and assisting with other related services. TBNY will also serve as auction manager and conduct reverse auctions for the troubled assets. These services will be provided through the bank’s securities servicing businesses.