Capital Purchase Program: Status of the Program and Financial Health of Remaining Participants

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A letter report issued by the Government Accountability Office with an abstract that begins "As of March 31, 2013, the Department of the Treasury (Treasury) had received about $222 billion from its Capital Purchase Program (CPP) investments, exceeding the approximately $205 billion it had disbursed. Treasury estimated at the end of December 2012 that CPP would have an approximate lifetime income of $15 billion after all institutions had exited the program. Treasury's March 2013 data showed that 534 of the original 707 institutions had exited CPP. Most of these institutions exited by repurchasing their preferred shares in full or by ... continued below

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United States. Government Accountability Office. May 7, 2013.

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Description

A letter report issued by the Government Accountability Office with an abstract that begins "As of March 31, 2013, the Department of the Treasury (Treasury) had received about $222 billion from its Capital Purchase Program (CPP) investments, exceeding the approximately $205 billion it had disbursed. Treasury estimated at the end of December 2012 that CPP would have an approximate lifetime income of $15 billion after all institutions had exited the program. Treasury's March 2013 data showed that 534 of the original 707 institutions had exited CPP. Most of these institutions exited by repurchasing their preferred shares in full or by refinancing their investments through other federal programs. In March 2012, Treasury began selling its investments in the institutions through auctions, expediting the exit of a number of CPP participants. A relatively small number of the remaining 173 institutions accounted for most of the funds outstanding. Specifically, 25 institutions accounted for $4.2 billion, or 68 percent, of the $6.1 billion in outstanding investments. These investments were relatively widely dispersed throughout the United States, with 39 states having at least one institution with investments outstanding and 12 states having at least 5 such institutions."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • May 7, 2013

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  • June 12, 2014, 7:50 p.m.

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United States. Government Accountability Office. Capital Purchase Program: Status of the Program and Financial Health of Remaining Participants, report, May 7, 2013; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc295487/: accessed October 15, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.