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Fed Says 9 Of 10 Large Banks Met Capital Goals 11 days ago
(RTTNews) - Nine of ten large banks which were required to raise capital or improve the quality of their capital to withstand a worse-than-expected scenario have hiked their capital levels sufficiently, the Federal Reserve Board revealed Monday.
The lone exception, GMAC, is expected to meet its capital goal by accessing the TARP Automotive Industry Financing Program, and is in discussions with the Treasury on the structure of its investment, the Federal Reserve said.
The Fed introduced the Supervisory Capital Assessment Program earlier in the year to assess if the largest U.S. financial organizations have sufficient capital buffers to withstand an adverse economic climate. As per the program, 19 of the largest bank holding companies in the nation seen as "too big to fail" were requested to raise their capital levels to about $75 billion by November 9.
The Fed revealed that the flagged list which includes the likes of Citigroup, Bank of America and JPMorgan Chase had raised their capital levels sufficiently, with their Tier 1 Common equity exceeding $77 billion by the deadline.
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