US banks rushes to repay TARP

Goldman Sachs Group, JPMorgan Chase, and Morgan Stanley have applied to repay billions of dollars they borrowed under the US government's Troubled Asset Relief Programme (TARP). They are the first wave of major lenders allowed to return TARP funds. The banks need regulatory approval to repay the funds, and regulators have said they will consider those that are well-capitalised and can raise debt without government guarantees.