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US banks pay back bail-out cash US banks pay back bail-out cash
(20 minutes later)
US banks have started to pay back money borrowed through the government's Troubled Asset Relief Program (Tarp).US banks have started to pay back money borrowed through the government's Troubled Asset Relief Program (Tarp).
US Bankcorp says it has returned $6.6bn (£4.05bn) and BB&T has repaid $3.1bn. Morgan Stanley, US Bancorp and BB&T have returned $10bn (£6.1bn), $6.6bn and BB&T $3.1bn respectively.
Other banks are also expected to repay their Tarp funds on Wednesday. Goldman Sachs has said it is ready to repay its $10bn loan. More banks are likely to make payments on Wednesday. Goldman Sachs has said it is ready to repay its $10bn loan.
Ten banks were given government approval to repay the loans last week, but Wednesday is the first day they are allowed to make the repayments. Ten banks got government approval to repay the loans last week, but Wednesday is the first day they are allowed to make the repayments.
Before being allowed to pay back money the banks had to be able to show that they were able to raise money privately, without government intervention. Before being allowed to pay back money, the banks had to be able to show that they were able to raise cash privately, without government intervention.
Morgan Stanley is another bank reported to be ready to repay its $10bn in loans on Wednesday.
The other banks allowed to pay back the money were JPMorgan Chase, American Express, Capital One, Bank of New York Mellon, State Street and Northern Trust.The other banks allowed to pay back the money were JPMorgan Chase, American Express, Capital One, Bank of New York Mellon, State Street and Northern Trust.
"Real stability can return return only if our industry accepts that certain practices were unhealthy and not in the long-term interests of individual institutions and the financial system, as a whole," said Lloyd Blankfein, Goldman's chief executive, in a letter given to congressmen and senators."Real stability can return return only if our industry accepts that certain practices were unhealthy and not in the long-term interests of individual institutions and the financial system, as a whole," said Lloyd Blankfein, Goldman's chief executive, in a letter given to congressmen and senators.
By repaying the funds the banks will no longer have to pay dividends to the government or limit pay and bonuses. By repaying the funds, the banks will no longer have to pay dividends to the government or limit pay and bonuses.