Rabobank bails out Tango SIV
As a result, Tango now has €5.2 billion in cash assets, down from €9.7 billion in July. The Tango portfolio has only minimal exposure to collateralised debt obligations of asset-backed securities (CDOs of ABSs) and US subprime mortgages, Rabobank said.
“Rabobank plans to take the assets of Tango on to its balance sheet. This will have no material effect on our strong solvency position given the size of the portfolio and the high quality of the assets,” said Sipko Schat, a member of the executive board of Rabobank in Utrecht.
Rabobank believes there is no immediate prospect of the funding situation for SIVs improving in 2008.
See also:
Standard Chartered takes $46 million profit hit
SIVs in need of a service
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