Citigroup Inc. has said it pumped another $8.2 billion of Troubled Asset Relief Program money into the economy during the first quarter and approved the deployment of $8.25 billion more, including a $5 billion authorization for direct lending to municipal governments, universities and nonprofit hospitals.
In a report posted Tuesday detailing its use of Tarp funds, Citi said it laid out $6.33 billion last quarter for conforming mortgage securities, $1.46 billion for U.S. prime residential mortgage securities, $267 million for primary lending and $148 million for corporate loan securities.
Also in the quarter, the banking company authorized a $2 billion program to buy trade receivables, a $1 billion program for home mortgage refinancing and a $250 million auto loan program. All told, Citi has earmarked $44.75 billion of its $45 billion in Tarp funds, though it expects the capital eventually to generate more than $45 billion of business activity.
The 60-page report posted on its Web site is separate from the monthly Tarp statements filed with the Treasury Department. Written in layman's terms and featuring a question-and-answer with Citi's chief financial officer, the voluntarily published document is part of an effort to give a public accounting of the aid Citi received. Public advocates said they hope the report will inspire other banks.
"When it comes to transparency, one virtuous act tends to beget others," said Bill Allison, senior fellow at the Sunlight Foundation, which promotes open access to government information. "If I'm a shareholder or a customer who does business with other banks, I might go to them and say, 'Well, where's your quarterly statement?' "