Citigroup is racing against the clock to convince the US authorities to be allowed to repay $20bn of bail-out funds, with insiders and regulators arguing that unless the bank acts in the next 10 days it will have to wait for more than a month.

花旗集团(Citigroup)正在争分夺秒的说服美国有关当局，表示应该准许其偿还200亿美元纾困资金。知情人士和监管人士认为，除非该行在未来10天内采取行动，否则它将不得不再等上一个多月。

The short window for a decision on the repayment of funds from the troubled asset relief programme raises the stakes for Citi in its quest to free itself from the shackles of the government, which also owns a 34 per cent stake in the lender.

在偿还问题资产救助计划(Tarp)资金问题上作出决定的机会之窗如此之小，使花旗摆脱政府束缚的努力更加关系重大。政府现在还持有该行34%的股份。

Separately, the Kuwait Investment Authority, the Gulf state's sovereign wealth fund, has made a $1.1bn profit after selling its entire 5 per cent stake in Citi for $4.1bn, less than two years after acquiring preferred shares in the ailing bank during the financial crisis.

另外，科威特主权财富基金科威特投资局(Kuwait Investment Authority)已经以41亿美元全数出售其所持花旗5%的股份，获利11亿美元。科威特投资局曾在一年多前的金融危机期间，收购了这家陷入困境的银行的部分优先股。

The sale earned the sovereign wealth fund a 37 per cent return on its investment.

这家主权财富基金在这笔交易上收获了37%的投资回报。

Citi's need to pay back the Tarp funds has been heightened by last week's surprise announcement that Bank of America had raised $19.3bn to repay $45bn. That move left Citi and Wells Fargo as the only two big banks that have yet to repay Tarp and remain subject to the strict limits on compensation and operations that accompanied last year's government cash injections.

美国银行(Bank of America)上周出人意料的宣布，它已融资193亿美元来偿还450亿美元Tarp资金。此举加强了花旗偿还Tarp资金的必要性，因为花旗和富国银行(Wells Fargo)成为仅有的两家尚未偿还Tarp资金、仍在薪酬及运营方面受到严格限制的大银行。这些限制是政府去年注资时附加的。

People close to the situation said that unless Citi can launch the capital-raising effort required to pay back Tarp by the middle of next week, it would become practically impossible to do so until after it reports year-end results in mid-January.

知情人士称，除非花旗能够在下周中期启动偿还Tarp资金所必需的融资工作，否则它在明年1月中旬发布年终业绩前，将几乎不可能进行融资。

Lawyers said it was not technically impossible to raise capital between the end of a quarter and the announcement of results but added that disclosure rules could make it difficult, especially for a company as complex and geographically diverse as Citi.

律师们表示，在季度末到业绩发布前这段时间进行融资，在技术上并非不可行。但他们补充说，披露规则可能会使融资难以进行，尤其是对花旗这类业务复杂且分散在各地的公司来说。

Citi's executives have been lobbying Washington to be allowed to repay Tarp, arguing that the bank has cash reserves of more than $240bn and its financial performance is improving. However, Citi's situation is further complicated by the US government stake.

花旗高管一直在游说华盛顿方面准许其偿还Tarp资金。他们辩称，该行现金储备已超过2400亿美元，财务表现也正在改善。但美国政府的持股令该行的处境进一步复杂化。

People close to the situation said the government was willing to co-ordinate a sale of at least part of its stake with Citi's own capital-raising but the tight timing – and the authorities' lingering concerns over the bank's health – might delay that.

知情人士表示，政府愿意配合花旗的融资，出售其所持的至少一部分股份。但由于时间紧迫，有关当局对花旗的健康状况又仍存疑虑，该行的融资工作可能会受到拖延。

Citi declined to comment but insiders acknowledged that unless it could launch a share offering by December 14 or 15, it would probably to have to wait until at least late January.

花旗拒绝置评。但知情人士承认，除非该行能够在12月14日或15日前启动售股工作，否则它很可能将不得不至少等到明年1月下旬。