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American banks start paying back Tarp money

The American Treasury announced today that it had given its approval to 10 banks to pay back $68 billion (£41.8 billion) of money under the Troubled Asset Relief Program (Tarp).

The American Treasury announced today that it had given approval to 10 banks to pay back $68 billion (£41.8 billion) of money under the Troubled Asset Relief Program (Tarp).

Although the Treasury did not reveal the names of the institutions themselves, American Express, Bank of New York Mellon, BB&T, Capital One Financial, JP Morgan, Morgan Stanley, Northern Trust, State Street and US Bancorp all confirmed their participation following the announcement.

The news should provide confidence to shareholder concerns that government intervention into companies who had received Tarp financing could counteract the competitiveness of firms in the market.

Major absentees from the list include Citigroup and Bank of America, who were both major recipients of government bailout money when the crisis hit Wall Street last year, taking a combined total of $90 billion.

Related story:
Tarp bails out Bank of America

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