Subsidy Availability & History
The approximate subsidy available for Title XI is $35.4 million, as of June 2020. As of June 2020, loan guarantees based on the average risk for projects MARAD previously guaranteed could support approximately $432 million in loan guarantees. This guarantee estimate is based on the following assumptions: (i) financing provided by the Federal Financing Bank (FFB), (ii) 25-year maturity, (iii) MARAD’s historical recovery rate, (iv) the interest rate set at the Treasury rate which achieves a zero-financing subsidy, and (v) MARAD’s historical average upfront fee.
Below is a table listing Title XI funding amounts by year.
Title XI Subsidy Funding History
|
Fiscal Year |
President Budget (Requested) |
Enacted |
|---|---|---|
| FY 2021 | ($27,900,000) | |
| FY 2020 | $0 | $0 |
| FY 2019 | $0 | $0 |
| FY 2018 | $0 | $27,000,000 |
| FY 2017 | ($5,000,000) | $0 |
| FY 2016 | $0 | $5,000,000 |
| FY 2015 | $0 | $0 |
| FY 2014 | $0 | $35,000,000 |
| FY 2013 | $0 | $0 |
| FY 2012 | $0 | $0 |
| FY 2011 | $0 | $4,990,000 |
| FY 2010 | $0 | $5,000,000 |
| FY 2009 | $0 | $0 |
| FY 2008 | $0 | $5,000,000 |
| FY 2007 | $0 | $0 |
| FY 2006 | $0 | $5,000,000 |
| FY 2005 | $0 | $0 |
| FY 2004 | $0 | $0 |
| FY 2003 | $0 | $25,000,000 |
| FY 2002 | $0 | $33,000,000 |
| FY 2001 | $2,000,000 | $29,934,000 |
| FY 2000 | $6,000,000 | $5,977,000 |
Last updated: Tuesday, September 15, 2020