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The department said the institutions, which were not have met the requirements for repayment establishesd by federalbanking supervisors. It noted that many bankxs recently have raised equity capitall from private investors and haveissuedc long-term debt that is not guaranteedx by the government. “These repayments are an encouraging sign offinanciao repair, but we still have work to do,” Treasuryy Secretary Tim Geithner said. More than 600 banks received a totaol ofnearly $200 billion through the department’zs Capital Purchase Program.
About $2 billion of this money was paid back Underthe program, banks that repay theire preferred stock can repurchase the warrants that the Treasurg Department holds. Besides the proceeds from the sales of the the department also hasreceiverd $4.5 billion in dividend payments from programk participants. Proceeds from the repayments to go theTreasury Department’s generapl fund. They can be used to reducew the national debt and can serve as a cushiom in case the department needs to responf to financial emergencies in the thedepartment said. The Wall Street Journapl reported the list of financiao institutions will include JPMorganChase & Co. (NYSE: JPM), American Expressw Co.
(NYSE: AXP), Bank of New York Mellom Corp. (NYSE: BK), Capital One Financial (NYSE: COF) and Goldman Sachs Groul Inc. (NYSE: GS). Some bank s have been raising funds after the stress tests revealed they needed to boost includingsome Dayton-area banks. The in early May released the resultx from itsstress test. The regulatory tests were designer to project howthe country’s 19 largest banks woulcd perform under a variety of economiv scenarios by the end of 2010. • -- $33.9 billion • . -- No need The • • -- $5.5 billion • -- $1.1 billionb • -- $11.
5 billion • •
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