The Treasury Department on Wednesday said it welcomed the planned repayment of government aid by PNC Financial Services Group Inc. (PNC).

The Pittsburgh-based regional bank had said Tuesday it will sell $3 billion in new stock and repay the $7.6 billion in public support it accepted from the U.S. government's Troubled Asset Relief Program, or TARP.

Treasury said it was pleased by the announcement to repay taxpayers.

"This repayment means that of the $376 billion in total TARP funds disbursed since 2008, only $203 billion will be outstanding today," Treasury said in a statement.

-By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com
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