BN7Jan2008




	Illinois Plans to Lend Securities, Hopes to Gain $1 Million By Darrell Preston Bloomberg News Published Monday, January 7, 2008 Illinois, the fifth-largest U.S. state by population, plans to begin lending its holdings of U.S. Treasury and agency debt, seeking to gain at least $1 million of revenue to help with a difficult budget. The state awarded a three-year contract to Frankfurt-based Dresdner Bank AG to administer the state's securities lending program, state Treasurer Alexi Giannoulias said in a press release. The contract was awarded through competitive bidding. "The treasurer's office is constantly looking for creative and responsible ways to bring new revenue to the state,'' Giannoulias said in the statement. Illinois was more than two months late passing its $50.7 billion state budget in August because of differences between state lawmakers and Governor Rod Blagojevich. Giannoulias said the extra income from lending the securities from the state's investment portfolio might "bring in millions,'' according to the press release.

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