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imageWASHINGTON: Ally Financial, the former finance arm of General Motors taken over by the government in the financial crisis, repaid the government $5.9 billion Wednesday, the US Treasury said.

After two years of restructuring that turned Ally, previously known as GMAC Inc., into a bank holding company, the company has repaid the government $12.3 billion, more than 70 percent of the support provided, the Treasury said.

The money will be used to buy back preferred shares held by the Treasury in the bank.

Ally received a $17 billion bailout under the Treasury's Troubled Asset Relief Program (TARP), and the Treasury currently holds a majority 74 percent stake in it.

The payment was made after the Federal Reserve, as the main bank regulator, approved the bank's capital plan on Friday, giving the go-ahead for it to distribute gains to shareholders.

"The recent approval from the Fed reflected the significant progress Ally has made since those dark days" of the 2008 financial crisis, Timothy Bowler, the Treasury deputy assistant secretary, said in a statement.

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