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Stakes in bailed-out banks will be sold off
Source: Agencies |
December 19, 2012, Wednesday
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Print Edition
Print Edition
THE US Treasury plans to sell off its shares in about two-thirds of the remaining banks that took government bailout money during the financial crisis over the coming year, the department said yesterday.
The government still owns stakes in 218 banks following controversial rescues that proved deeply unpopular.
"We're confident that we'll have made significant additional progress winding down our remaining TARP Capital Purchase Program bank investments by the end of next year," said Timothy Massad, assistant secretary of Treasury for financial stability.
The remaining institutions are expected to pay back or restructure investments dating to the 2008 financial crisis, the Treasury said.
In total, these banks owe about US$7.5 billion.
Over the years, the US Treasury has been liquidating its stakes in banks, including Bank of America, that received assistance through the financial bailout program, known as the Troubled Asset Relief Program.
More than 90 percent of the US$418 billion disbursed for TARP has already been recovered.
The government still owns stakes in 218 banks following controversial rescues that proved deeply unpopular.
"We're confident that we'll have made significant additional progress winding down our remaining TARP Capital Purchase Program bank investments by the end of next year," said Timothy Massad, assistant secretary of Treasury for financial stability.
The remaining institutions are expected to pay back or restructure investments dating to the 2008 financial crisis, the Treasury said.
In total, these banks owe about US$7.5 billion.
Over the years, the US Treasury has been liquidating its stakes in banks, including Bank of America, that received assistance through the financial bailout program, known as the Troubled Asset Relief Program.
More than 90 percent of the US$418 billion disbursed for TARP has already been recovered.
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