Monday, April 6, 2009

Treasury Extends Money Market Guarantee Program

On March 31, the Treasury Department announced that it will extend the temporary Money Market Funds Guarantee Program through September 18. As we reported in November, the program was extended once before to April 30, 2009. As before, the program is available only to money market funds already participating in the program that meet the extension requirements, and provides overage to shareholders up to amounts that they held in participating money market funds as of the close of business on September 19, 2008.

To continue participation in the program, funds are required to submit:
  1. a program extension payment, an extension notice

  2. an updated Annex A by April 13, 2009, and

  3. a Bring-Down Notice by May 11, 2009.
The amount of the payment for the extension period will be based on a fund's net asset value as of September 19, 2008.

Treasury's March 31 announcement is available at:

The Extension Notice providing the procedures for participating funds to follow to ensure continued participation as well as instructions for making the extension participation payments is available at: