Home / Video / Breaking News / World Tools: Save | Print | E-mail | Most Read | Comment
Stress test urge 10 banks to raise US $75 bln
Adjust font size:

 

US regulators have unveiled results of the government's stress tests. They are urging 10 of the nation's largest banks to raise about 75 billion US dollars in new capital to withstand future losses if the recession worsens.

Regulators say Bank of America needs to raise 33.9 billion US dollars in capital, Wells Forgo needs to raise 13.7 billion US dollars, and the auto and mortgage lender GMAC needs 11.5 billion US dollars more in capital. Meanwhile, Citigroup needs to raise 5.5 billion US dollars in capital. The US Federal Reserve is leading the bank reviews. The Fed says the results should provide considerable comfort to investors and the public. It notes that nearly all banks have sufficient capital to absorb potential higher losses in case of a worsening global economy. The U.S. administration says the stress tests will help restore confidence, and encourage lending by the banks.

Timothy Geithner, US Treasury Secretary, said, "These actions today are going to bring an unprecedented level of transparency and clarity to the health of the nation's banking system. They're going to replace this deep cloud of uncertainty over the system, again, with more disclosure and with more certainty. That's going to make it easier for private capital to come into the financial system, help expand the capacity of banks to lend, help banks replace the government's investments with private capital as soon as possible."

(CCTV May 8, 2009)

 

Tools: Save | Print | E-mail | Most Read Bookmark and Share
Comment
Pet Name
Anonymous
China Archives
Related >>
Most popular >>
China's first amphibious bus takes test drive China's first amphibious bus takes test drive
Short haircut is all the rage in 2009 Short haircut is all the rage in 2009
Super stars show in Shanghai
Feng's new movie If You Are The One hits big screen Sexy Hsu Chi's movie - If You Are The One
Photo exhibition displays charm of China's 'Water Tower'
Recommended >>
Prague -- the mother of cities
Super stars show in Shanghai
Birds museum in Qinhuangdao attracts visitors
UK, China launch climate change campaign
Int'l officers thumb up to Chinese air force

Product Directory
China Search
Country Search
Hot Buys