The Treasury Department today announced that Bank of New York Mellon was hired as the custodian for its $700 billion economic rescue package, BNY Mellon spokesman Kevin Heine confirmed.
A Treasury Department news release issued this afternoon said BNY Mellon was hired on Monday “and work began immediately to help the department with custodial, accounting, auction management and other infrastructure services needed to administer the complex portfolio of troubled assets the department will purchase.”
BNY Mellon will provide the accounting for the portfolio, hold the portfolio’s cash and assets, provide pricing and asset valuation services and assist with other related services. The company will also serve as auction manager and conduct reverse auctions for the troubled assets.
