Bank of America Corporation declared that it has achieved a concurrence with the U.S. Government to end its term sheet as for the surety of up to $118 billion in resources by the U.S. Government. The term sheet was executed regarding Bank of America's procurement of Merrill Lynch in January 2009.

Under terms of the assertion, Bank of America will pay $425 million to the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation.

Bank of America additionally reported that it had gotten FDIC endorsement to leave the obligation ensure program under the FDIC's Temporary Liquidity Guarantee Program (TLGP).

The choices to end the benefit ensure term sheet and leave the obligation ensure system are the most recent in a progression of steps taken by Bank of America to diminish its dependence on government backing and come back to ordinary business sector financing.

Different strides include:

- Increasing Tier 1 regular capital by $40 billion through a few stages, including a $15.5 billion basic stock offering, $10.9 billion in favoured stock trades and resource deals

- Issuing $10 billion in non government-supported obligation in general society markets

- Reducing borrowings under the administration's Term Auction Facility (TAF)

- Eliminating borrowings from the Federal Reserve's Term Securities Lending Facility (TSLF) and Primary Dealer Credit Facility (PDCF)

- Maintaining no administrative basic stock proprietorship in the organization, including changing over no TARP favored shares to regular stock