Troubled Asset Relief Program - Update (as of February 12, 2009)


As part of their continuing efforts to promote financial stability and restore the health of the economy, the United States Treasury has continued to develop new applications for the funds allocated to the Troubled Asset Relief Program (TARP), established in October 2008 by the Emergency Economic Stabilization Act of 2008 (EESA). In mid-October 2008, the Treasury announced it would forgo its initial plan to buy troubled assets from financial institutions and would instead use TARP funds to inject capital directly into banks. To date, $195.3 billion has been invested directly into qualifying financial institutions, both publicly traded and non-public, under the Treasury's Capital Purchase Program (CPP). To date, CPP funds have been invested in 359 financial institutions in 45 U.S. states and Puerto Rico.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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