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.

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