Central Banking

GM finance arm gets TARP funding

The finance arm of General Motors, the embattled US automaker, has received financial support under the US Treasury's Troubled Assets Relief Programme (TARP) after gaining approval from the Federal Reserve to become a bank holding company.

The US Treasury announced on Monday that it will make up to $6 billion in aid available to GMAC, which provides loans to General Motors and its dealer network and is jointly owned by General Motors and Ceberus Capital Management, a large US private equity firm

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