While it’s only “on paper,” the Federal Reserve made billions in profits from its bailout of American International Group, Inc., the Financial Times reported Wednesday on its Web site.

The Times reported that, when the Fed bought collateralized debt obligations (CDOs) from the insurance giant, they had a face value of $62.1 billion and a market value of $29.6 billion—but the estimated market value of the CDOs is now at least $45 billion, according to the paper.