On October 29, 2014, the final outstanding TALF loan was repaid in full. Over the life of the program, all TALF loans were repaid in full at or before their respective maturity dates, and as such, the New York Fed did not incur a loss on any TALF loan.
On October 31, 2014, TALF LLC, a special purpose vehicle established specifically for the purpose of managing any collateral surrendered by TALF borrowers to the New York Fed, was dissolved and the New York Fed began the wind up process in accordance with and as required by Delaware law and the agreements governing TALF LLC. As all TALF loans were repaid in full, no TALF collateral was surrendered to the New York Fed, and TALF LLC acquired no such assets during its existence.
Beginning in 2013, TALF LLC was authorized to make distributions from the accumulated fees and income earned by TALF LLC since inception to the Treasury and the New York Fed in the amount by which such fees and income earned exceeded the current outstanding TALF loan balance plus expenses. On November 6, 2014, TALF LLC made its final distributions including final distributions to the Treasury and the New York Fed. The Treasury received 90 percent of the monthly distributions and the New York Fed received 10 percent. In the aggregate, TALF LLC paid a total of $745.7 million in such distributions to the Treasury and New York Fed.
There are no longer any loans outstanding under the TALF program, or under any other lending facility authorized by the Board under section 13(3) of the Federal Reserve Act.
