Journalism in the Public Interest

Asset Guarantee Program

Limiting Losses for Citi and BofA






actually invested, loaned, or spent


A program under the Emergency Economic Stabilization Act More info from
Find a Bailout
Type the name of a bank:

Find bailouts in your state:

  • Our frequently updated database tracks every dollar. In the scorecard, we provide a summary generated from the latest numbers.

This was another form of bailout for Citigroup and Bank of America. As part of the agreement in late November, 2008 to help Citigroup, the Treasury agreed to backstop a $301 billion pool of assets by absorbing a portion of the losses beyond a certain point. Citi would have absorbed the first $39.5 billion in losses. If the losses continued past that, the government would have absorbed 90 percent of the losses. A trio of governmental agencies would have paid that share: The Treasury would first provide $5 billion, then the FDIC would put up $10 billion, and a Federal Reserve loan would provide the last resort. On Dec. 23, 2009, the Treasury and Citi terminated that agreement. No Treasury funds were ever paid out.

Later, the government struck a similar deal with Bank of America to backstop a pool of $118 billion in assets. Under those terms, the Treasury could have provided up to $7.5 billion. But Bank of America backed out of the deal before it was finalized, eventually paying a total of $425 million in fees to the Treasury, Fed, and FDIC.

Go to list of all initiatives and programs

For our blog, resources and more, see our main bailout page.

The following list shows the 2 recipients of Asset Guarantee Program.

Name State Date Entered Amount Committed by AGP Amount Returned to AGP
Received other federal aid. Click to see details.
N.Y. May 31, 2009 $0
Bank of America
Received other federal aid. Click to see details.
N.C. Sep. 21, 2009 $0