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Euro-Zone Economies to Prop up Banks of Rescued Companies Derscores the Government’S Expand- Global Insurance Business

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Euro-Zone Economies to Prop up Banks of Rescued Companies Derscores the Government’S Expand- Global Insurance Business 32 MONDAY, OCTOBER 13, 2008 THE WALL STREET JOURNAL. THE FINANCIAL CRISIS Fed to select trustees to oversee AIG stake VOL. XXVI NO. 179 MONDAY, OCTOBER 13, 2008 lending the insurer as much as $85 who effectively became sharehold- rectors, but the loan agreement al- the hook for about $1 billion a Œ2.90 Move suggests a way billion last month. The Fed last ers by making the loan, have a better lows the trustees to direct its month in interest. Œ2.90 week extended almost $38 billion in chance of being rewarded. The bail- makeup. The agreement requires On Friday, a person involved in - Spain to handle oversight additional credit to address AIG’s out also positions the government the insurer “to use reasonable ef- the situation said many firms are in- - France latest cash crunch. The new loan un- to compete with private firms in the forts” to make its board “satisfac- terested in AIG’s assets but there is Œ3.20 Euro-zone economies to prop up banks of rescued companies derscores the government’s expand- global insurance business. tory to the trust” within 10 days of essentially no financing and poten- ing role in keeping AIG from bank- The trust arrangement could be the trust’s creation, AIG said in a tial buyers are hoarding capital. A Sk 100/Œ3.32 the 15 countries that use the euro The accord among the euro- By Sudeep Reddy ruptcy, which Treasury officials say one model for how the government statement last month. few parties interested in big assets - Finland Options include said they would partially national- zone countries was an attempt to would be disastrous for financial manages its ownership stakes in The Fed thus far has approached were holding preliminary conversa- - Slovakia ize their banks when necessary. overcome the bloc’s disarray in the Dkr 22 The Federal Reserve, in its unprec- markets world-wide. banks and other companies in the its role primarily from the perspec- tions but those discussions are now Œ3 nationalization, Other choices on the menu of mea- past week. Diverging national at- edented role propping up one of the The bailout puts the U.S. in the months ahead. Trustees can help to tive of a lender to ensure its credit on hold, another person familiar sures to cope with the growing fi- tempts to prevent banks from col- - Denmark world’s largest insurers, is on the unusual position of being both AIG’s insulate a company under govern- agreement is satisfied. But Fed offi- with the situation said. - Portugal guaranteed loans nancial crisis included state-guar- lapsing have failed to convince fi- verge of appointing trustees to over- owner and its lender. The two roles ment control from political influ- cials expect to remain involved in A spokesman for AIG said, “We anteed loans and the loosening of nancial markets that Europe’s lead- Kc 110 see the U.S. government’s stake in generally would favor the company ence and make decisions in the com- discussions about asset sales be- recognize it’s a very difficult mar- Zl 10.50 The euro zone’s biggest econo- mark-to-market rules, which force ers are capable of taming a crisis American International Group Inc. prospering, but could involve con- pany’s economic interest. cause they are critical to the AIG ket, but we have terrific assets, and mies prepared to unveil plans to banks to book their assets at the that is spilling across national The central bank plans to select flicts. The trust structure isn’t a first loans being repaid. our plan is flexible.” - Poland spend tens of billions of euros in price they would get if they sold boundaries. As the credit crunch three individuals with business ex- As lender, the Fed is responsible for the government. However, the AIG has two years to repay the After the loan deal was struck state funds to prop up their banking them now. Leaders also repeated a spilled over into bourses, the pan- Nkr 27 perience to manage the public’s for ensuring that AIG pays interest unique federal involvement in AIG loan, a period intended to let the four weeks ago, the Federal Reserve - Czech Republic systems as leaders agreed on a pledge to save any distressed bank. European Dow Jones Stoxx 600 in- nearly 80% stake in AIG. The move on its loan—which has a hefty peg of requires independent trustees to company proceed deliberately and Bank of New York, which is oversee- French President Nicolas dex lost more than a fifth of its - Norway sketches one possible blueprint for the London interbank offered rate protect the interests of the insurer’s not sell in haste. Still, time isn’t on ing the loan, dispatched personnel HRK 20 By David Gauthier-Villars in Sarkozy, hosting the meeting, said value last week. managing the government’s owner- plus 8.5%—and repays the central shareholders, who are now prima- its side. In recent weeks, credit mar- across AIG’s global empire to evalu- Œ2.90 Paris and Marcus Walker in Germany, France and Italy would de- Suggestions by France and the ship stakes in financial companies bank. A lender’s interests would be rily the taxpayers. kets have seized up and the stocks ate the company’s risk-manage- - Croatia Berlin tail their national plans at about Netherlands for a pan-European during the months ahead. served by AIG operating conserva- The AIG trustees would oversee of several insurers—potential asset ment procedures. AIG’s financial- same time on Monday. fund to rescue banks have been ve- Œ2.90 The three independent trustees, tively with a primary focus on loan the government’s ownership stake buyers—have been hammered. The products unit triggered the firm’s - Netherlands menu of measures to cope with the “We must restore the capacity toed by Germany, which fears its to be named within the next 10 days, payments. and voting rights in the insurer. future of AIG’s subsidiaries remains collapse. growing financial crisis. of our banks to lend money,” he told taxpayers would have to pay for Dh 24 would exercise control of AIG, tak- As the company’s controlling Eventually, the trust would sell the in limbo, leaving them vulnerable to As of Wednesday, AIG had - Belgium At a Paris summit, the leaders of a news conference. costly bailout schemes in other Œ3 ing over that role from the Fed and shareholder, the government— government shares, with the profits customer and employee defections tapped $70.3 billion from its $122.8 £1.40 countries. The U.K., which doesn’t Treasury officials who executed the which holds a 79.9% ownership going into federal coffers. The trust- that could reduce their value. The billion in credit lines from the Fed. - Morocco use the euro but is a member of the bailout. stake—would want to maximize ees are expected to hire their own less AIG can get for its units, the —Liam Pleven and - Austria 27-nation European Union, is also Œ2.90 The government received the AIG’s value in both the near and long advisers. more it may have to sell to repay the Matthew Karnitschnig opposed to a common European AIG equity stake in exchange for term. That would ensure taxpayers, AIG will maintain a board of di- loan. Meanwhile, the insurer is on contributed to this article. Lk 370.00 bailout fund. That means a Euro- – United Kingdom $2 pean equivalent of the U.S.’s $700 - Luxembourg What’s News— billion bailout plan is off the agenda 7 Business&Finance World-Wide 7 for now. Press Associated L£ 4000 Participants in Sunday’s summit ECB President Jean-Claude Trichet, left, Nicolas Sarkozy, Gordon Brown and The U.K. government was final- Germany, France and Italy pre- Please turn to page 31 European Commission President José Manuel Barroso, at the crisis summit Sunday. - Lebanon RACING COMPROMISED | 15,525 HP TO CONTROL | ON A MISSION - U.S. Military (Eur) izing plans Sunday night to take pared to unveil Monday govern- control of RBS by purchasing a ment funds totaling tens of bil- Œ2.90 big stake in the banking giant lions of euros to prop up their YTL 4.25 Risk management at work. - Italy while injecting at least £15 bil- respective banking systems, as Line in the sand Œ2.90 lion into it. The government al- euro-zone leaders agreed on mea- The U.K. Treasury is finalizing plans for a rescue package that will mean Veteran hand - Turkey ready has nationalized two other sures to cope with the global fi- the government will acquire stakes in U.K. banks including Royal Bank of Scotland. lenders and is poised to become nancial crisis. They said that, CEO Fred Goodwin, right, will depart and is expected to be replaced by British S£ 150 one of the world’s biggest bank- when necessary, they would is set to guide - Ireland (Rep.) Land CEO Stephen Hester. Below, RBS’s daily share price in pence. ers. Stephen Hester was tapped partly nationalize banks. Page 1 - Syria Page 1 n The IMF said Ft 530 as the likely CEO of RBS. member nations “The money is there, let’s move on.” —Fred Goodwin, n agreed to do what is necessary assuring investors that ABN financing is in place RBS after deal Investors and lenders are 700 SF 4.80 to prevent another key financial - Hungary pulling back from financially institution from failing. Page 2 By Sara Schaefer Muñoz overstretched economies in 600 U.K.
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