Geithner: $109.6 Billion Left in TARP Funds

Updated from 11:43 a.m. EDT

Treasury Secretary Timothy Geithner said Tuesday that the government's $700 billion bailout fund has at least $109.6 billion in resources left, and he anticipates that $25 billion will be paid back by borrowers.

Geithner's remarks appeared in a letter to Elizabeth Warren, the head of the Congressional Oversight Panel, ahead of his testimony in Washington, where he said that the "vast majority" of U.S. banks have more capital than they need and that some could be allowed to repay funds distributed under the Troubled Asset Relief Program.

Under his accounting projections, Geithner said that $355.4 billion in funds was used by the previous administration, with American International Group (AIG Quote) receiving $40 billion, while Citigroup (C Quote) and Bank of America (BAC Quote) got a combined $52.5 billion. Another $24.9 billion went to automakers such as General Motors (GM Quote) and Chrysler.

The previous administration also used $218 billion in the Capital Purchase Program and $20 billion in the original Term Auction Loan Facility, or TALF, according to Geithner's letter.

Among those banks receiving money under the Capital Purchase Program, Citigroup, Bank of America, Wells Fargo (WFC Quote) and JPMorgan Chase (JPM Quote) each received $25 billion. Goldman Sachs (GS Quote) and Morgan Stanley (MS Quote) each received $10 billion under that program.

By comparison, Geithner said the Obama administration has used $235 billion. A second investment to AIG was worth $30 billion, while $50 billion went to housing, $5 billion to auto suppliers, $35 billion to TALF for asset expansion, another $25 billion to TALF for legacy securities, $15 billion to help unlock small business lending markets and $75 billion net to the Public-Private Investment Program.