In retrospect, it is clear that the public release of the SCAP results played an important role in stabilizing the financial system, as has our supervisory follow-up on improving capital levels.
By November 2009, the 10 banks that required additional capital had increased their Tier 1 Common equity by more than $ billion, primarily by issuing new common equity, converting existing preferred equity to common equity, and selling businesses or portfolios of assets. None of the SCAP banks received CAP funds. 3 Many observers initially criticized the stress tests as overly optimistic.