The Government Development Bank for Puerto Rico Friday clarified the total amount of loans that it is requesting from the Federal Reserve and the Troubled Asset Relief Program. The GDB is looking to borrow a total $5 billion from both programs combined.
“The request is for the total amount of $5 billion from both institutions,” said William Lockwood, GDB’s executive vice president and fiscal agent. “It’s not a request for $10 billion. The request was sent to the Secretary of the Treasury and to the chairman of the Federal Reserve Board, so it could either be fully from the Treasury or shared with the Federal Reserve or totally from Federal Reserve.”