A panel overseeing the Wall Street bailout discussed the funding needs of car companies and timing of asset purchases in recent meetings.

The Treasury Department on Friday released the minutes of a meeting Dec. 19, 2008, of the Financial Stability Oversight Board and a meeting on Jan. 8.

The board, chaired by Federal Reserve Chairman Ben Bernanke, oversees the Troubled Assets Relief Program. TARP is part of the $700 billion plan to bail out Wall Street.

Some of the money has been pledged to the troubled car companies.

At the December meeting, Treasury officials gave an overview of the principal terms and conditions of the $13.4 billion loan that would be provided to General Motors Corp. (GM) and the $4 billion loan that would be provided to Chrysler LLC under the TARP.

The Jan. 8 meeting minutes showed members talked about the objectives, structure and timing of TARP's purchase of $5 billion in senior preferred equity with an 8% dividend from GMAC and an additional loan of up to $1 billion to GM in support of GMAC's reorganization as a bank holding company. GMAC is GM's financing arm.

"Members and officials also reviewed the collateral for the loan of up to $1 billion to GM," the minutes showed.

The January meeting minutes showed members considered potential future liquidity and funding needs of auto-related companies and ways TARP resources could be best used.

-By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com

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