Report: Up to 10 banks to repay TARP funds - Jacksonville Business Journal:

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The department said the institutions, which were not have met the requirements for repayment establishec by federalbanking supervisors. It noted that many bankx recently have raised equity capital from privatew investors and haveissued long-terj debt that is not guaranteed by the “These repayments are an encouraging sign of financia repair, but we still have work to Treasury Secretary Tim Geithner said. However, some mediw reports listed one or two The Wall Street Journakl reported the list of financial institutions willincludwe (NYSE: JPM), (NYSE: AXP), BK), (NYSE: COF) and (NYSE: GS). is stilp working to receive regulatoryh approval to repayits $4.
9 billion in TARP funds, said investof relations director Steve Shriner. "Clearluy we have a desird to do it," he said. "But it is a matter of gettintg some clarity on what we need to do what boxes we need tocheck — and what the regulatorsd need to see for approval." Shriner said the bank wantsz to repay its TARP funds, borrowed in two payout s last fall, "as soon as it is Some banks have been raising funds afterr the stress tests revealed they neededd to boost reserves, including SunTrust needin to raise $2.2 billion. To . More than 600 banks receive d a total ofnearly $200 billion througg the department’s Capital Purchase Program.
About $2 billion of this money was paidback previously. Under the program, bankds that repay their preferred stock can repurchase the warrante that the TreasuryDepartment holds. Besidesa the proceeds from the sales of the the department also hasreceived $4.5 billio n in dividend payments from program participants. Proceedxs from the repayments go to theTreasuryy Department’s general fund. They can be used to reduce the nationalp debt and can serve as a cushionn in case the department needzs to respond to financial emergencies in the thedepartment said. The in early May released the results from itsstres test.
The regulatory tests were designexd to project howthe country’e 19 largest banks would perform under a variety of economic scenarios by the end of 2010. • -- $33.9 billion . -- No need The • • -- $5.5 billion • -- $1.1 billion