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Jun 9, 2009, 14:52 GMT

US authorizes bank repayments of bailout funds

Washington - Ten of the largest US banks who received emergency government bail-out funds last year have been authorized to begin paying the money back, the US Treasury Department announced Tuesday. The Treasury Department, which did not name the individual banks, could receive as much as 68 billion dollars in repayments if the financial institutions chose to begin buying back government held shares in the firms. Treasury Secretary Tim Geithner said that government evaluations of the state of the banks showed they have begun to recover from last year's financial crisis and are healthy enough to begin repayments. 'These repayments are an encouraging sign of financial repair, but we still have work to do,' Geithner said in a statement.

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