Treasury Disburses Auto Supplier Aid, More Bank Capital
15 April 2009 - 7:55AM
Dow Jones News
The U.S. Treasury Department announced Tuesday that it has
disbursed $5 billion in government aid aimed at supporting the
suppliers of struggling auto giants General Motors (GM) and
Chrysler.
The payments were made on Thursday to a pair of special purpose
entities that will be used to stabilize payments to the suppliers.
A special purpose company related to GM received $3.5 billion while
a special purpose company related to Chrysler received $1.5
billion.
Five billion dollars is the maximum allocated through the
Troubled Asset Relief Program for assistance to parts makers.
Also in its report, the Treasury said it provided an additional
$22.79 million in capital to five banks on Friday, bringing the
total amount of government capital provided to U.S. banks to
$198.85 billion.
-By Meena Thiruvengadam, Dow Jones Newswires; 202-862-6629;
meena.thiruvengadam@dowjones.com