9 of 10 banks met capital-requirement deadline, Fed says

11/10/2009 | Bloomberg · Reuters

Nine of the 10 bank holding companies that were deemed short on capital have boosted their reserves enough to withstand economic difficulties, according to the Federal Reserve. "The one exception, GMAC [Financial Services], is expected to meet its remaining buffer need by accessing the [Troubled Asset Relief Program] Automotive Industry Financing Program and is in discussions with the U.S. Treasury on the structure of its investment," the Fed said. Together, the 10 companies exceeded the $74.6 billion in Tier 1 common equity they were told to raise by more than $2 billion.

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Bloomberg · Reuters