FACTBOX-Where has the U.S. bailout money gone?
April 14 (Reuters) - The U.S. Treasury Department estimates
that it has about $134.5 billion remaining in the $700 billion
financial rescue fund approved by Congress in October.
Treasury officials say the estimate includes an assumption
that $25 billion in capital provided to banks will be returned,
a projection Treasury Secretary Timothy Geithner has called
"very conservative."
Following is an outline of funds spent or pledged from the
bailout fund so far:
-- An unspecified amount pledged to recapitalize the
nation's largest banks, as needed, under the Capital Assistance
Program after regulators conclude a series of "stress tests" to
determine capital needs.
-- The Treasury said it would use $75 billion to $100
billion to seed its public-private plan to buy up to $500
billion worth of toxic assets. Officials say the figure
includes $25 billion to expand the Federal Reserve's Term
Asset-Backed Loan Facility, or TALF, to accept so-called legacy
assets as collateral.
-- The Treasury estimates that it will provide $218 billion
in capital to banks under its original Capital Purchase
Program, which was initially eyed at $250 billion. The latest
transaction report shows the Treasury had net investments of
$198.40 billion under this program.
Six banks have returned $442.3 million to the Treasury, and
Goldman Sachs has said it plans to repay $10 billion in
government capital pending regulatory approval and results of a
"stress test" due by the end of April.
-- $50 billion pledged to reduce mortgage foreclosures by
providing incentives to lenders and servicers to modify loans.
-- $20 billion investment in Citigroup as part of a
package in which the government agreed to share in losses on
$301 billion of assets. In addition, the Treasury has disbursed
$5 billion as part of its second-loss guarantee. The $20
billion is in addition to $25 billion disbursed as part of the
Capital Purchase Program.
-- $20 billion investment in Bank of America as
part of a package in which the government agreed to share in
losses on $118 billion of assets. In addition, the Treasury has
pledged to cover up to $7.5 billion in potential losses as part
of a second-loss guarantee. The $20 billion is in addition to
$25 billion disbursed earlier as part of the Capital Purchase
Program.
-- $40 billion investment in troubled insurer American
International Group . In addition, the Treasury has said
it stands ready to provide up to $30 billion more.
-- $24.8 billion has been disbursed to prop up the U.S.
auto industry, according to the latest transactions report, and
$5 billion in aid for auto parts suppliers has been disbursed
to special purpose funding vehicles set up by General Motors
Corp and Chrysler LLC.
-- $20 billion has been shifted to a special purpose
vehicle to cover potential losses on $200 billion in lending
under the Fed's TALF. Treasury officials say they intend to
provide an additional $35 billion to enlarge this program for
lending against recently originated securities. When considered
in conjunction with the $25 billion being set aside to expand
TALF to cover older securities, the Treasury has said it
intends to commit $80 billion to TALF.
-- $15 billion pledged to purchase securities backed by
Small Business Administration loans.
(For details on money already disbursed and recipients, see:
http://www.financialstability.gov/impact/transactions.htm
((Compiled by Reuters Washington bureau))
Keywords: FINANCIAL/BAILOUT FUND
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