Fed offers more support to world's biggest insurer

The Federal Reserve has loaned American International Group (AIG), the world's biggest insurer, an additional $37.8 billion, taking the size of beleaguered company's borrowing facility with the central bank up to $122.8 billion.

The Fed said on Thursday that it would authorise the New York Fed to swap cash for investment-grade fixed-income securities from AIG.

The move follows the granting of an $85 billion credit line on 16 September on punitive terms.

"Drawdowns to date under the existing $

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