WASHINGTON - AT LEAST 110 banks have requested about US$220 billion (S$334 billion) from the Treasury Department's rescue fund, and many more are expected to have submitted applications before Friday's deadline.

The figures, from banks' own statements and analyst reports, indicate the requests are closing in on the US$250 billion the Treasury set aside from the US$700 billion fund to purchase stock in banks.

Analysts at Keefe, Bruyette & Woods estimated that 62 banks have received full or preliminary approval from the Treasury for US$173 billion from the Troubled Asset Relief Programme (Tarp). The government said Monday that American International Group (AIG) also would receive US$40 billion from the programme.

Another 48 banks have applied for about US$6.5 billion, according to the Keefe, Bruyette & Woods report. Several banks that have filed applications said they haven't yet decided whether to accept any funds.

The tally doesn't include requests from four life insurance companies that are seeking regulatory approval to purchase savings and loans in order to become eligible for government funds.

One of those companies, Hartford Financial Services Group, said it would be eligible to receive between US$1.1 billion and US$3.4 billion if its purchase of Federal Trust Bank is approved.

Generally, only banks and savings and loans are eligible for direct investment from the Tarp. AIG is the only nonbank company to receive such funds so far.

The total also doesn't include American Express, which said on Monday it has restructured as a bank holding company, reportedly to seek up to US$3.4 billion in funding.

Publicly-held banks were required to file their applications by Friday. Private banks have been given an extended, though unspecified, deadline.

Industry sources expect a flurry of last-minute applications will be filed on Friday. Treasury spokesmen on Friday wouldn't disclose how many applications have been filed or how much has been requested.

Nine large banks, including Bank of America, Wells Fargo, Citigroup, and JPMorgan Chase, received US$125 billion last month.

Mr Neel Kashkari, interim director of the bailout at Treasury, told lawmakers on Friday that about 20 more banks would receive funds that day.

The Treasury has 'approved dozens of applications from banks across the country', he said.

Several banks announced on Friday that they have received funds under the plan, including Huntington Bancshares, Comerica, and KeyCorp. -- AP