AP contacted 21 banks, each of which had received at least $1 billion in government money, to ask how much of the money had been spent, what it was used for, and what their plans were for the remainder.

According to the report, none of the banks provided “even the most basic accounting” for the funds; most instead issued generic statements saying that the money was being used to strengthen balance sheets and make loans.

The banks’ response to AP’s enquiries were varied, with some declining to comment, while others said the money could not be tracked because the bank’s funds were managed on aggregate.

A few banks did however offer details on their plans for the funds: JP Morgan Chase is reported to have said that it would lend $5 billion to non-profit and healthcare companies next year.

US politicians have expressed concerns the banks might save government funds, or spend them on making acquisitions, rather than use them for loan making.  In an AP interview, Elizabeth Warren, chair of the congressional committee overseeing the bailout programme, said: "It is entirely appropriate for the American people to know how their taxpayer dollars are being spent in private industry."

Ms Warren is also reported to have said that the oversight committee will try to force the banks to disclose how they’ve used the funds.

"It would take a lot of nerve not to give answers," she added.

Under the Troubled Asset Relief Programme, the US treasury department assigned $700 billion to assist financial institutions weakened by the credit crisis.  The TARP was hurriedly approved by the US congress in October, but the specific use of taxpayers’ money has been high on the agenda ever since – particularly with regards executive bonuses.

A political storm arose in the US amid reports that nine firms participating in the programme had set aside a bonus pool of $108 billion this year, prompting New York attorney general Andrew Cuomo to write to the institutions requesting “detailed accounting” of their remuneration packages.

Subsequently, executives at several large banks, including Goldman Sachs, Morgan Stanley and Merrill Lynch, have said they will give up their bonuses amid calls for pay levels to reflect the depth of the financial crisis.