Patience with TARP repayments may prove profitable for taxpayers

12/22/2009 | Forbes

The country's major banks, including JPMorgan Chase, Bank of America, Wells Fargo and Citigroup, rushed to repay the funds they received through the Troubled Asset Relief Program. So far, $146 billion of the $205 billion the Treasury lent to the banks has been repaid. Many of the smaller financial institutions, however, are not in a rush to repay the TARP funds and that may bode well for taxpayers as most of the money is expected to be returned with interest. "PNC expects to redeem TARP before the end of 2010, in a shareholder friendly manner and after consulting with our regulators," says Fred Solomon, vice president for corporate communications at PNC.

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