TARP banks use fed loans to repay government - Business - US business - NBCNews.com: "Hundreds of bailed-out banks are still struggling to repay taxpayers and will soon find it even harder to make required dividend payments to the Treasury, according to a report published on Wednesday by the watchdog for the government bailout program.
Of the 707 banks that received taxpayer money from the government's Troubled Asset Relief Program starting in 2008, also known as TARP, about half have repaid the Treasury.
However, 137 of those banks used a government-loan program to repay their taxpayer debts, according to the quarterly report to Congress of the Office of the Special Inspector General for TARP.
Of the 325 banks still propped up with taxpayer money, 203 have missed dividend or interest payments, with some missing as many as 13 payments since receiving capital injections at the height of the financial crisis, the report said.
Adding to their woes, the dividend that the bailed-out banks are required to pay to Treasury is set to increase to 9 percent from the current 5 percent as early as 2013."
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Of the 707 banks that received taxpayer money from the government's Troubled Asset Relief Program starting in 2008, also known as TARP, about half have repaid the Treasury.
However, 137 of those banks used a government-loan program to repay their taxpayer debts, according to the quarterly report to Congress of the Office of the Special Inspector General for TARP.
Of the 325 banks still propped up with taxpayer money, 203 have missed dividend or interest payments, with some missing as many as 13 payments since receiving capital injections at the height of the financial crisis, the report said.
Adding to their woes, the dividend that the bailed-out banks are required to pay to Treasury is set to increase to 9 percent from the current 5 percent as early as 2013."
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