WASHINGTON Dec 18 The U.S. Treasury plans to
sell off its shares in about two-thirds of the remaining banks
that took government bailout money during the financial crisis
over the coming year, the department said on Tuesday.
The government still owns stakes in 218 banks following
controversial rescues that proved deeply unpopular.
"We're confident that we'll have made significant additional
progress winding down our remaining TARP Capital Purchase
Program bank investments by the end of next year," said Timothy
Massad, assistant secretary of Treasury for financial stability.
The remaining institutions are expected to pay back or
restructure investments dating to the 2008 financial crisis,
though that part of the process may take longer, the Treasury
In total, these banks owe about $7.5 billion.
Over the years, the U.S. Treasury has been liquidating its
stakes in banks - including Bank of America and
Citigroup - that received assistance through the financial
bailout program, known as the Troubled Asset Relief Program
More than 90 percent ($380 billion) of the $418 billion
disbursed for TARP has already been recovered to date through
repayments and other income.
Last week, the Treasury said it had completed its final sale
of common stock in American International Group,
reducing its shares in the insurer to zero four years after a
massive government bailout.