As per the media reports, nine U.S. banks which were part of this year’s stress tests, are supposed to submit plans including a timetable to repay funds from the Troubled Asset Relief Program this month, as they have been instructed by the Federal Reserve to do so.
The names of the banks include:- Bank of America, PNC, Citigroup, Fifth Third Bancorp, GMAC, KeyCorp, Regions Financial , SunTrust Banks and Wells Fargo.

The media reports suggest that the banks might be provided with an option to repay TARP funds soon if they have been successful in raising common equity. Furthermore, they also need to keep on exceeding capital buffers set in the stress tests.

In the year 2008, these banks acquired a combined $142 billion in TARP funds out of the total $700 billion Congress authorized.

As per an announcement made earlier this month, ten large banks were able to meet or exceed their goals. These ten banks were ordered to raise capital following the stress tests in May.

Till now, banks have had choice as to when to loom the government with a repayment plan. However the reports suggest, “The Fed’s request this month could pressure the banks to repay TARP funds.”

None of the bank’s spokesman was available for a comment.