US banks to repay funds

The US treasury said financial institutions will repay $25 billion of bailout funds over the next year.



Treasury Secretary, Timothy Geithner said the money will be used to further assist institutions in need of financial help.



He said about $123.7 billion will be left from the $700 billion financial bail-out fund approved by Congress in October.



Mr Geithner said that money will be used to further strengthen bank balance sheets and to assist the US auto industry.