The 10 large U.S. banks that were approved to repay about 68 billion U.S. dollars of government rescue fund early are expected to finish their payment on June 17,2009.
According to separate statements from the banks, JPMorgan Chase& Co. repaid 25 billion dollars, and New York-based Morgan Stanley and Goldman Sachs Group Inc. each gave back 10 billion dollars. U.S. Bancorp refunded 6.6 billion dollars and BB&T Corp. paid 3.1 billion dollars.
The ten banks are among the largest U.S. financial institutions. U.S. Treasury announced last week that the banks could begin repaying money they received under the 700-billion-dollar bailout fund known as the Troubled Asset Relief Program (TARP). All of the ten banks will finish repaying the money on Wednesday, the U.S. Treasury said in a statement.
In addition to the money they're returning, the banks have paid Treasury more than 2 billion dollars in dividends that were mandated under the TARP program.
Treasury will recover 70 billion dollars in total under the TARP program, including a 2-billion-dollar early payment from smaller banks.
Source:Xinhua
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