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On Sept. 16 at 11:25 p.m. EDT, the board of directors of American International Group Inc. issued the following statement in response to the announcement by the Federal Reserve Board that the Federal Reserve Bank of New York will provide a two-year, $85 billion secured revolving credit facility to ÌìÃÀÍøÕ¾´«Ã½´«Ã½ that will ensure the company can meet its liquidity needs:

“The ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Board has approved this transaction based on its determination that this is the best alternative for all of ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s constituencies, including policyholders, customers, creditors, counterparties, employees and shareholders. ÌìÃÀÍøÕ¾´«Ã½´«Ã½ is a solid company with over $1 trillion in assets and substantial equity, but it has been recently experiencing serious liquidity issues. We believe the loan, which is backed by profitable, well-capitalized operating subsidiaries with substantial value, will protect all ÌìÃÀÍøÕ¾´«Ã½´«Ã½ policyholders, address rating agency concerns and give ÌìÃÀÍøÕ¾´«Ã½´«Ã½ the time necessary to conduct asset sales on an orderly basis.

“We expect that the proceeds of these sales will be sufficient to repay the loan in full and enable ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s businesses to continue as substantial participants in their respective markets. In return for providing this essential support, American taxpayers will receive a substantial majority ownership interest in ÌìÃÀÍøÕ¾´«Ã½´«Ã½.

“We commend the Federal Reserve and the Treasury Department for taking this decisive action to address ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s liquidity needs and broader financial market concerns. We thank them for their leadership during this critical time for the global financial markets. We also thank Governor Paterson, Commissioner Dinallo, Commissioner Ario, the other state Commissioners, and the Office of Thrift Supervision for their willingness to assist ÌìÃÀÍøÕ¾´«Ã½´«Ã½.

“Policyholders of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ companies around the world can rest assured that ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s commitments will continue to be honored.”

Source: American International Group Inc.

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