Speaking in an interview with CNBC on Monday, U.S. Under Secretary for Domestic Finance Anthony Ryan said good progress is being made on structuring the facilities geared at allowing the Treasury to acquire illiquid assets from financial institutions, after government passed the legislation on Friday.

Ryan, however, had little to say on the timing and scope of the first operations, explaining that experts are being consulted, and that progress is being made on how the first operation will look.

Nevertheless, he remains confident that the department of Treasury will be able to help the financial system and pledged to do so in a transparent way.

At 11:30 a.m. EDT, Ryan will speak at an event organized by the Investment Company Institute in New York.

By Erik Kevin Franco and edited by Sarah Sussman
©CEP News Ltd. 2008