WASHINGTON, April 2 (Reuters) - The U.S. Treasury Department on Friday said total bailout repayments have reached $181 billion with the receipt of $3.4 billion from insurer Hartford Financial Services Group and another $1 billion installment payment from General Motors Co.
The Treasury said in a statement repayments to the Troubled Asset Relief Program are running well ahead of 2010 repayment projections made last fall.
It currently estimates that $245 billion in bank investments, including larger bailouts of Citigroup and Bank of America, 'will earn a profit thanks to dividends, interest, early repayments and the sale of warrants'.
These investments were initially projected to produce a $76 billion loss for taxpayers. However, for TARP as a whole, including investments in automakers, insurer American International Group and housing rescue efforts, the Treasury is still projecting a loss.
Treasury Secretary Timothy Geithner last month told U.S. lawmakers that the TARP loss estimates had fallen from around $500 billion when the Obama administration took office last year to less than $100 billion.
U.S. taxpayers have received a total of $14 billion through interest and dividends, the Treasury said, adding that total could be 'considerably higher' by the end of 2010.
(Reporting by David Lawder; Editing by Andrew Hay) Keywords: USA BAILOUT/REPAYMENTS (david.lawder@thomsonreuters.com; +1 202 898 8395; Reuters Messaging: david.lawder.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Treasury said in a statement repayments to the Troubled Asset Relief Program are running well ahead of 2010 repayment projections made last fall.
It currently estimates that $245 billion in bank investments, including larger bailouts of Citigroup and Bank of America, 'will earn a profit thanks to dividends, interest, early repayments and the sale of warrants'.
These investments were initially projected to produce a $76 billion loss for taxpayers. However, for TARP as a whole, including investments in automakers, insurer American International Group and housing rescue efforts, the Treasury is still projecting a loss.
Treasury Secretary Timothy Geithner last month told U.S. lawmakers that the TARP loss estimates had fallen from around $500 billion when the Obama administration took office last year to less than $100 billion.
U.S. taxpayers have received a total of $14 billion through interest and dividends, the Treasury said, adding that total could be 'considerably higher' by the end of 2010.
(Reporting by David Lawder; Editing by Andrew Hay) Keywords: USA BAILOUT/REPAYMENTS (david.lawder@thomsonreuters.com; +1 202 898 8395; Reuters Messaging: david.lawder.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.