Bank of America has told regulators that it has met the final condition in repaying the government's $45 billion bail-out funding, according to the Financial Times on Sunday.

The bank was able to meet the required $3 billion in capital raised through the scaling back and disposition of certain assets, said the media report. BofA was given until the end of this year to record the gains.

Citing undisclosed sources, the report said BofA had told the Federal Reserve Board its recent moves to decrease its stake in BlackRock and sell its right to buy shares in China Construction Bank's fund-raising would bring them close to the $3 billion requirement.

The bank would also record a tax gain from holding a smaller slice of BlackRock, the money manager, according to the FT.

According to the report, if BofA fails to satisfy the Federal, the lender will have to issue additional common shares, diluting its per-share earnings.

U.S. regulators believe the move will help build the bank's equity after leaving the government's Troubled Asset Relief Program (TARP), the report said.

(Reporting by Nadia Damouni in New York; Editing by Marguerita Choy)