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News Now

Washington
NCUA Big response to March SIP offering
ALEXANDRIA, Va. (3/9/09)—More than $7.7 billion has been issued to corporate credit unions in the first two subscriptions of the National Credit Union Administration’s Credit Union System Investment Program (CU SIP), the agency announced Friday. The corporates use the funds to pay down external borrowings, freeing collateral for future contingency liquidity needs. The NCUA said in a release that credit unions showed strong early support for CU SIP, and their continued support for corporate credit unions is significant. The March offering, in fact, was moderately oversubscribed, the agency said. The National Credit Union Administration is pleased to report that the Credit Union System Investment Program (CU SIP) has been extremely successful in the initial corporate stabilization phase due to the high level of support from natural person credit unions. Over $7.7 billion was issued to corporate credit unions in the first two subscriptions. The corporates have used the funds to pay down external borrowings, freeing collateral for future contingency liquidity needs. Credit unions’ strong early support for CU SIP, and their continued support for corporate credit unions is significant. The March offering was moderately oversubscribed. Due to the size of the initial two offerings, the NCUA Central Liquidity Facility limited awards for the third subscription to the amount requested by the issuing corporate credit union, the agency noted. Each natural person credit union submitting a subscription order and meeting the CU SIP criteria will be awarded some amount; however, at a reduced level from its initial request. The SIP program remains open and available for subsequent offerings, if there is a need in coming months.


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