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Treasury Secretary says stress test banks raised $48B

2009-05-20 17:13:35 (GMT) (Caymanmama.com - Banks & Banking News)

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Geithner speaking at the United States Department of Treasury

Memphis, Tennessee (CaymanMama.com) –  Treasury Secretary Timothy Geithner finally has good news.

Banks which underwent a stress test and were shown to have have capital shortfalls have successfully come up with $48 billion of the $75 billion which the U.S. government said was required to get through the downturn in the economy.

In a written testimony, Geithner told the Senate Banking Committee that the administration’s in-depth review of the country’s 19 largest banks has helped boost overall confidence in the financial system.

Geithner also said nine of the stress test banks lacking shortfalls have also raised approximately $8 billion which will be used to repay the government.

According to the Associated Press, “The 10 banks that were found to need more capital after the stress tests, including Citigroup Inc. and Bank of America Corp., have until June 8 to develop such a plan and have it approved by regulators.”



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