WASHINGTON - THE government says 3,800 banks will have until early December to apply for a share of the US$700 billion (S$1 trillion) financial system rescue programme.
The Treasury Department says a category of privately held banks will have until Dec 8 to apply for the government to purchase shares of their stock as a way to bolster their balance sheets. The deadline for larger publicly traded banks was Nov 14.
The new Dec 8 deadline will apply to about 3,800 banks that are so-called C-Corps institutions for the part of the tax code that applies to them.
Another 2,500 S-Corps institutions also will be able to apply for money, but the deadline for their applications has not yet been set. -- AP
