Another SIV has been bailed out by a major bank. Dutch bank Rabobank will move $7.6 billion of SIV assets onto its balance sheet.
The SIV in question, Tango Finance, was co-managed with Citigroup (C).
According to the FT management at the financial firm explained the move: Eddie Villiers, responsible for European sales at Rabobank, said: “The current SIV business model is dead and so there is no prospect of its survival in its current form.
While two other overseas banks, HSBC (HBC) and Standard Chartered, have also taken SIV assets onto their balance sheets, no US bank has taken a similar move.
But, it may well happen.
Douglas A. McIntyre
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