Home » NEWS » Banking & Finance » PNC pays back $7.6B for TARP

PNC pays back $7.6B for TARP

WASHINGTON — The U.S. Department of the Treasury received full repayment on its Troubled Asset Relief Program (TARP) investment in PNC Bank in the sum of $7.6 billion, bringing the total amount of repaid TARP funds to more than $173 billion.

Treasury now estimates that total bank repayments and proceeds from sales of its common stock in banks should exceed $185 billion by the end of 2010, cutting total taxpayer exposure to the banks by three-quarters.

Treasury currently estimates that programs aimed at stabilizing the banking system will earn an overall profit thanks to dividends, interest, early repayments and the sale of warrants. Total bank investments in FY2009 that were initially projected to cost $77 billion are now projected to bring a profit. Taxpayers have already received about $17 billion in revenue through interest, dividends and the sale of warrants, and that profit could be considerably higher as Treasury sells additional warrants in the weeks ahead.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Wally Northway

Leave a Reply

Your email address will not be published. Required fields are marked *

*