Subsidyscope

Transactions under the Troubled Asset Relief Program

April 29, 2010 — TARP Repayments Underway

In December 2009, the Treasury Department closed the Capital Purchase Program (CPP), part of TARP, and issued its final TARP CPP disbursement on the 29th of that month. While it was active, the CPP channeled more government money to banks than any other TARP program. According to the Treasury Department, additional TARP funds will be made available through FY2010 under the Home Affordable Modification Program, an incentive program for banks that refinances loans for troubled homeowners.

The American Recovery and Reinvestment Act (ARRA) of 2009 changed the terms of TARP contracts to which banks had originally agreed for receiving TARP disbursements, allowing them to repay funds much earlier than called for in the initial contract. In September 2009, Treasury projected that financial institutions would repay another $50 billion over the next 12 to 18 months beyond the more than $70 billion in repayments already received as of that date. However, repayments have exceeded that projection; as of April 21, 2010, Treasury announced that TARP repayments already totaled $186 billion. In that same release, Treasury noted that less than $200 billion in TARP disbursements remain outstanding.

March 2, 2009

This page is your gateway to information on the TARP transactions. Subsidyscope has gathered data on each transaction under the TARP program. The following table shows which companies received funds, how much they received, and when they received it. Detailed data on individual transactions can be downloaded into a spreadsheet, and the visualizations provide a quick view of the transactions over time, by recipient and by date.

Although the government has provided a few companies with loans under TARP, nearly all the transactions have been purchases of equity stakes in those companies. In exchange for funding from TARP, the government usually receives preferred stock and warrants from the company. For information on the value of warrants purchased through TARP, including daily stock prices, click here.

The amount of funding provided through a TARP transaction can be found in the "Disbursements Received" column of the table (this corresponds to what the Treasury Department calls "Prices Paid" in its publications). The table also includes information on the size of those companies, as measured by their assets.

A crucial piece of information needed to calculate the subsidies provided through TARP is the amount of funding provided to a company. But it is not a measure of the subsidy itself. To calculate the subsidies, the market value of the preferred stock, warrants, and loans must be deducted from the funding provided to the institution. Although information on the subsidies to individual companies through TARP is still quite limited, some data can be found here.

Treasury began receiving dividend payments in December 2008. Institutions make payments on a quarterly basis at a rate of at least 5 percent of their annual profits; the rate ultimately will increase to 9 percent. Treasury is currently releasing dividend reports on a monthly basis. The reports can be found on the Subsidyscope key documents page.

Financial institutions can repay TARP funds only with the approval of the Treasury Department and their federal banking regulator, the regulator having the final say. Banks that wish to repay TARP funds must prove that they have adequate capital to continue lending to creditworthy borrowers. The 19 financial institutions that underwent the Supervisory Capital Assessment Program, better known as the “stress tests,” must also prove they can sustain healthy levels of capital into the future. New rules regarding executive compensation, which can be found in Title VII, Section 7001(g) of the American Recovery and Reinvestment Act, have allowed many financial institutions to repay because the restrictions were not in the original contracts. Upon repayment all dividends accrued must be paid to Treasury.

The visualization below reflects repayments by shrinking when repayments are made.

Aside from repaying due to contract changes, financial institutions cannot redeem their preferred stock or senior securities for three years from the date of the Treasury Department’s investment.

Click each tab below for different ways to view the TARP data.

• Transactions
• By Recipient
• By Date
• Download

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transaction date →

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Mouse over the circles to see the names of institutions receiving TARP funds, the amounts received and the percentage of total disbursements each amount represents.

Note: Although AIG is widely known as one of the world's largest insurance companies, its ownership of AIG Federal Savings Bank classifies it as a thrift holding company, subject to federal regulation by the Office of Thrift Supervision. The Federal Reserve refers to AIG as a "widely diversified financial services company."

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If you'd like to download the data powering these visualizations you may do so using the link below. In addition to the fields displayed in the table on this page, the download includes information like FDIC ID numbers and stock ticker symbols (when available). The file is in CSV format, which can be opened with any modern spreadsheet program.

Download CSV Data »

Data Sources: Information on the TARP transactions is from the Treasury Web site. Asset information, with a few exceptions, came from the Federal Deposit Insurance Corporation; for institutions not found in the FDIC database, asset information from SNL Interactive, Google Finance or Securities and Exchange Commission filings (company 10Q reports) was used.

* All asset values are for the quarter ending December 31, 2008 (retreived from the FDIC web site on March 13, 2009).