News @ AsiaOne

$51.1 billion for 21 more banks

This is part of a financial rescue aimed at recapitalising the financial sector. -AFP

Tue, Nov 18, 2008
AFP

WASHINGTON, USA - THE US Treasury said on Monday it had injected US$33.56 billion (S$51.1 billion) into 21 additional banks as part of a financial rescue aimed at recapitalising the financial sector.

The government previously had infused US$125 billion into nine major commercial banks as part of a US$700 billion rescue plan approved by Congress.

Officials have pledged to commit US$250 billion to bank recapitalisation under the plan.

In the latest action, US Bancorp received US$6.6 billion in the largest injection, followed by US$3.55 billion for Capital One and US$3.5 billion for SunTrust.

 
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