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 Asset Guarantee Program

Treasury Column

Program Purpose and Overview

Under the Asset Guarantee Program (AGP), the government supported institutions whose failure would have caused serious harm to the financial system and the broader economy. It involved supporting the value of certain assets held by qualifying financial institutions by agreeing to absorb a portion of losses on those assets.  AGP was conducted jointly by Treasury, the Federal Reserve, and the FDIC and was used in conjunction with other forms of exceptional assistance.
 
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Key Facts

  • The Asset Guarantee Program (AGP) was a joint program of Treasury, the Federal Reserve, and the FDIC. It involved supporting the value of certain assets held by qualifying financial institutions by agreeing to absorb a portion of losses on those assets.
  • It was designed to support institutions whose failure would have caused serious harm to the financial system and the broader economy.
  • Two institutions received assistance under the AGP - Bank of America and Citigroup. 
  • The program began in January 2009 and is now closed. To date, taxpayers have earned more than $3 billion in positive returns from the AGP.
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Last Updated: 12/9/2013 4:39 PM
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