Where Is TARP Money Going? How Much Is Left?
In congressional testimony this morning, Treasury Secretary Tim Geithner outlined where TARP money has been allocated and how much is left. Here is Treasury’s estimate:
Projected Use of TARP/Financial Stability Plan Funds by Administration as of May 18, 2009
Programs Announced Under Previous Administration
Citi/Bank of America (TIP and Guarantees)
Capital Purchase Program
Programs Announced Under Obama Administration
AIG (Second Investment)
Expansion of Consumer and Business Lending Initiative *
TALF Asset Expansion (New Issuance) **
Unlocking SBA Lending Markets
Public Private Investment Program ***
TALF for Legacy Securities
Other PPIP Programs for Legacy Assets
Total Committed (Without Potential Repayments)
Total Remaining (Without Potential Repayments)
Conservative Estimate of Potential Repayments
Total Committed (Including Potential Repayments)
Total Remaining (Including Potential Repayments)
Additional Support for the Auto Industry
Capital Assistance Program
* The Consumer and Business Lending Initiative also includes the $20 billion committed to TALF under the previous administration and the $25 billion committed to TALF for legacy securities under the PPIP, amounting to an overall total of $80 billion under TALF and $95 billion under the CBLI.
** New assets made eligible under the expansion of TALF include commercial mortgage-backed securities, mortgage servicing advances, loans or leases relating to business equipment, leases of vehicle fleets, and floor plan loans.
*** The Public-Private Investment Program was announced at a level of $75 to $100 billion, which includes $75 billion in additional resources for the PPIP program on top of $25 billion devoted to TALF for Legacy Securities."