The US Treasury has pumped in a whopping $165 billion in fresh capital to 88 financial institutions across the country as part of the Federal government's efforts to ease liquidity crunch.
The amount has been made available to the entities from the mega $700 billion rescue package announced by the Bush administration in October to tackle the ravaging financial turmoil.
Moreover, under the Troubled Asset Relief Program (TARP), the Treasury has allocated $250 billion of the total plan entailing capital investments in financial institutions in return for stakes.
As per the data released by the Treasury, about $165.30 billion has been injected into 88 financial entities in the last three months, primarily aimed to foster lending in the economy.
This month alone, the government has injected nearly $4 billion to 35 financial institutions.
According to data updated till December 5, the firms which have received the aid include East West Bancorp, South Financial Group, First Midwest Bancorp, United Community Banks, Popular Inc and Sterling Financial Corporation.
Among the 35 companies, Popular Inc alone has received $935 million.
So far, three banking giants -- Citigroup, JPMorgan Chase and Wells Fargo -- have been provided fresh capital to the tune of $75 billion. Each entity received $25 billion in October.
In November, 44 financial institutions, including Capital One Financial Corporation, Regions Financial Corporation, SunTrust Bank, Northern Trust Corporation, Webster Financial Corporation, Associated Banc-Corp and Trustmark Corporation, got funds under the programme.
