Out of the original investment of $204.9 billion in 707 institutions under the TARP CPP program, the U.S. Treasury currently only holds its original investment in 67 financial institutions representing a total outstanding investment of $641 million. In other words, the Treasury still holds its investment in about 10% of the financial institutions invested in through the CPP program, but those institutions represent less than 0.4% of the amount invested. As the U.S. has already collected $225.0 billion in total TARP CPP proceeds, the ultimate disposition of the remaining 67 financial institutions will have no material impact on the $20 billion gain recognized by the U.S. Treasury through the TARP CPP program.
The 67 remaining TARP CPP investments range from $470 thousand to just over $50 million, with an average original investment of $9.6 million. 53 of the 67 remaining institutions have missed dividend/interest payments, with a total of $106 million in missed dividend payments (which includes $20 million in missed non-cumulative dividends in which the institutions have no obligation to repay).
In addition to the 67 institutions where Treasury continues to hold the original CPP investment, the Treasury also holds common stock in four institutions in which Treasury originally invested approximately $386 million and trust preferred securities in one institution in which the Treasury originally invested $935 million. The average remaining institution received $9.6 million in TARP CPP funds, has missed 10 quarterly dividend payments, and currently owes an additional $1.6 million in missed dividend payments.
The Treasury has now completed 24 rounds of single name auctions, auctioning off a total of 172 investments (for which it received almost $2.9 billion in payments). The Treasury completed 11 rounds in 2012, 11 rounds in 2013, and two so far in 2014. It remains to be seen whether Treasury will begin implementing pooled auctions of the remaining portfolio, a process that Treasury has been suggesting as an alternative since 2012, but has yet to implement.