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Ally pays off remaining debt issued under FDIC program
December 19, 2012 / 4:31 PM / 5 years ago

Ally pays off remaining debt issued under FDIC program

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Dec 19 (Reuters) - Ally Financial Inc, the U.S. auto lender 74 percent owned by the U.S. government, on Wednesday said it has repaid its remaining debt issued under a financial-crisis-era program designed to bolster confidence in the banking system.

The former auto lending arm of General Motors Co said it paid back $4.5 billion in debt guaranteed by the Federal Deposit Insurance Corp's Temporary Liquidity Guarantee Program. It repaid another $2.9 billion in debt issued under the program in October.

Ally continues to owe the government for a series of bailouts under the Troubled Asset Relief Program. Of the $17 billion it received, it has paid back $5.8 billion, including dividends.

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