FDIC Extends Opt-Out Period in Temporary Liquidity Program
The Federal Deposit Insurance Corporation has extended the deadline for participation in the Temporary Liquidity Guarantee Program.
The program permits the FDIC to provide a 100 percent guarantee for newly-issued senior unsecured debt and non-interest bearing transaction deposit accounts at FDIC insured institutions subject to certain terms.
The FDIC issued an interim rule on the program October 29, 2008, providing a 15-day period for comment. The FDIC indicated the extension of time would give institutions an opportunity to fully consider the interim rules prior to deciding whether to participate.
Any institution that opts out will avoid any assessment under the program. Other institutions will pay program fees.
For a copy of the full press release, please click here.
For a copy of the amendment extending the deadline, click here.
For a copy of the October 29 Interim Final Rule, click here.
For a Fact Sheet regarding the program, click here.
The new deadline is December 5, 2008.
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