The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
On March 30, 2011, the New York Fed announced that through its investment manager, BlackRock Solutions, it would begin a process to sell the assets in the ML II portfolio both individually and in segments over time as market conditions warrant through a competitive sales process.
1Current face amount represents the most recent balance of principal outstanding on the assets and should not be confused with market value or the price ML II paid to acquire the assets. At October 31, 2008 inception, the ML II LLC paid $20.5 billion for the portfolio of assets with a face amount of approximately $39.3 billion.
As part of the close-out procedures for Maiden Lane II LLC, on August 22, 2012, the New York Fed sold eight residual securities that had been factored to zero and consequently dropped from the portfolio holdings report (published by the New York Fed). There was no active notional balance associated with these positions as the bonds were fully written down prior to the last ML II auction on February 28, 2012; thus this sale had no material impact on the net gain reported for the ML II portfolio.