AIG charts exit

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The Independent Online

AIG said yesterday it had agreed plans to repay the US taxpayer for the billions of dollars of support provided at the height of the financial crisis. As part of the plans, the US Treasury will receive around 1.7 billion shares in return for the $49.1bn worth of AIG preferred shares it currently holds. The Treasury will sell those shares over time.

The deal, which is expected to close next year, will also see the repayment of a $20bn New York Federal Reserve credit facility.