The Federal Reserve Bank of New York announced the sale of the remaining securities in the Maiden Lane III LLC (ML III) portfolio marking the end of AIG-related assistance.   The New York Fed’s management of the ML III portfolio will result in a net gain for the benefit of the public of approximately $6.6 billion, including $737 million in accrued interest on the New York Fed’s loan to ML III.

William C. Dudley, president of the New York Fed, said, “The completion of the sale of the Maiden Lane III portfolio marks the end of an important chapter—our assistance to AIG—that was undertaken to stabilize the financial system in the midst of the financial crisis. I am pleased that we were able to achieve our principal goal, which was to protect the U.S. economy from the potentially devastating effects of AIG’s failure, while demonstrating sound stewardship of taxpayer interests. I am proud of and commend all of the people at the New York Fed who worked tirelessly and diligently to get us here.”

The announcement follows the successful wind-down of Maiden Lane II LLC (ML II) in February 2012, which resulted in a net gain of approximately $2.8 billion for the taxpayer. It also follows the January 2011 termination of the New York Fed’s extension of credit to AIG, which produced approximately $8.2 billion in interest and fees. When taken together, the total net profit to taxpayers from the New Yor Fed’s assistance to AIG and AIG-related facilities was $17.7 billion.

Net proceeds from the final sale of ML III securities will be reported as part of the portfolio’s normal reporting schedule on October 15, 2012.