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Strategies & Market Trends : Waiting for the big Kahuna

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To: Cabo Eddy who wrote (78250)	12/15/2007 9:35:40 PM
From: Elroy Jetson	Read Replies (1) of 94695

18. If a bank fails, what is the timeframe for payout of the funds that are insured if the bank cannot be acquired by another financial institution? Federal law requires the FDIC to make payments of insured deposits "as soon as possible" upon the failure of an insured institution. It is the FDIC's goal to make deposit insurance payments within one business day of the failure of the insured institution. fdic.gov The Federal Deposit Insurance Corporation Improvement Act (FDICIA) of 1991: Gives the FDIC authority to borrow $30 billion from the U.S. Treasury to help replenish the Bank Insurance Fund (BIF); Provides for a line-of-credit from the U.S. Treasury (up to 90% of the asset value of each failed bank); Directs the FDIC to apply risk-based insurance premiums. Gives the FDIC authority to close depository institutions when capital levels fall below 2 percent; fdic.gov FDIC Bank Insurance Fund as of Q2 2007 $51.2 billion Total Insured Deposits $4,230 billion fdic.gov .

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