March 15 (Bloomberg) -- American International Group Inc., the insurer that was bailed out by the U.S. government, said counterparties including Societe Generale and Deutsche Bank AG received $22.4 billion from Sept. 16 to Dec. 31 of last year.
The funds were paid out of the U.S. government’s initial $85 billion emergency loan to AIG, the New York-based insurer said in a statement today. As the value of the credit default swap portfolio fell, it triggered collateral provisions creating a “liquidity crisis” for AIG.
The counterparties received additional money prior to Sept. 16, the statement said.
AIG’s disclosure comes after consultation with the Federal Reserve and is intended to provide transparency around the use of government funds, the statement said.
Municipalities in states including California, Virginia and Hawaii received $12.1 billion during the same period.