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| Citigroup, U.S. Government and Regulators Agree to TARP Repayment
Citi's Capital Ratios and Liquidity to be Among Strongest in the Industry Citi to Issue $17 Billion of Common Stock and $3.5 Billion of Tangible Equity Units Citi to Repay $20 Billion of TARP Trust Preferred Securities | |||
| 14 Dec 2009
: Citi today announced that it has reached an agreement with the U.S. government and its regulators to repay U.S. taxpayers for the $20 billion the government holds in TARP trust preferred securities and to terminate the loss-sharing agreement with the government. Vikram Pandit, Chief Executive Officer, said on behalf of the entire Citi Board of Directors, "The TARP program was designed to provide assistance until banks were in a position to repay it prudently. We are pleased to be able to repay the U.S. government's trust preferred securities and to terminate the loss-sharing agreement. We owe the American taxpayers a debt of gratitude and recognize our obligation to support the economic recovery through lending and assistance to homeowners and other borrowers in need." |
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