The NCUA today extended its program that guarantees principal and interest of debt issued under the agency's Temporary Corporate Credit Union Liquidity Guarantee Program.
During the board's executive session it agreed to extend the debt issuance period to June 30, 2010, a year beyond the planned expiration date of June 30, 2009. The guaranteed debt will expire on June 30, 2017, instead of June 30, 2012. The fee structure will be changed from 75 basis points per year to a fee depending on the maturity of debt.
The program was launched last fall and includes: federal funds purchased, promissory notes, commercial paper and unsubordinated unsecured notes.
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