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OzCar SPV risks capped at $550m

The budget papers provide some fragments of information on the OzCar special purpose vehicle created to provide a financing backstop for car dealers stranded by the departure of GE Capital and GMAC from this segment of the market.Treasury said the overall size of the OzCar SPV is expected to be around $850 million, of which approximately $550 million will be funded by securities that will attract the government guarantee. The SPV is expected to cease to operate by 30 June 2010.Whether the SPV is funding many floor plan financings at present is unclear - but probably not.

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