U.S. government recovers over 99 percent of TARP disbursements to banks

13:53, March 17, 2011      

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After six financial institutions delivered nearly half a billion U.S. dollars in proceeds to taxpayers, the U.S. government has recovered more than 99 percent of the Troubled Asset Relief Program (TARP) disbursements to the banks, said the U.S. Treasury Department on Wednesday.

Fifth Third Bancorp and other five financial institutions repurchased on Wednesday TARP Capital Purchase Program (CPP) investments, delivering a total of 475 million dollars in proceeds for taxpayers.

With Wednesday's transactions, the U.S. government has recovered approximately 244 billion dollars, more than 99 percent of TARP's total disbursements to the banks, said the U.S. Treasury.

Meanwhile, the U.S. Treasury estimated that bank programs within TARP would ultimately provide a lifetime profit of nearly 20 billion dollars to taxpayers.

Moreover, the lifetime cost of TARP is likely to be limited to funds disbursed for Treasury's foreclosure prevention programs, which were not expected to be recovered, said the Treasury.

In President Barack Obama's Fiscal Year 2012 Budget, the U.S. government estimated that the lifetime cost of the overall TARP program would be approximately 48 billion dollars.

Source: Xinhua

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