Loan originations by the top 11 U.S. banks that received government financial assistance rose 13 percent in December from the prior month, according to a Feb. 16 report released by the Treasury Department . In its monthly survey of lending by the top recipients of taxpayer money from the $700 billion Troubled Asset Relief Program, the Treasury reported $178.1 billion in new loans for December.
Bank of America Corp. reported the most in originations, with $64.6 billion, up 11 percent from November. Wells Fargo & Co. reported the second-highest amount, with $58.3 billion in November, a 6 percent increase, and Citigroup reported an 11 percent increase, with $16.3 billion in new loans, as noted in the Treasury survey.
Banks that repaid their TARP funds in June 2009 were excluded from the latest Treasury report. Future reports will also phase out data from institutions exiting the government rescue program, according to Bloomberg.
The Treasury last February launched its monthly bank lending survey designed to provide new, more frequent and more accessible information on banks' lending activities to help taxpayers “easily assess the lending and other activities of banks receiving government investments.”
To access the latest Treasury survey, visit www.financialstability.gov/impact/monthlyLendingandIntermediationSnapshot.htm.