Word: deposit
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...Treasury remained silent on the most pressing issue confronting banks: how to replenish the nearly broke Federal Deposit Insurance Corporation fund, which insures accounts. The beleaguered fund sank to a record low $8.5 billion after 169 banks failed last year. Without fresh cash, it could go bust by the end of 1991 if the current recession lasts all year. The Treasury left the details of rescuing the fund up to the FDIC and the banking industry. FDIC Chairman William Seidman later said that to rescue the fund, the agency might raise banks' insurance premiums 20% to 30% as of June...
Does the Treasury's reform program stand a chance in Congress? Experts say that limiting deposit-insurance coverage has the brightest prospects in the wake of the S&L bailout. Lawmakers may also look favorably on letting banks expand geographically. The odds are probably longest against permitting banks to diversify into new businesses...
With banks failing at the rate of one every two days, will the Federal Deposit Insurance Corporation's bailout fund run out of money soon? That fear was magnified last week when the Congressional Budget Office predicted that the fund, which contains only $8.5 billion to cover $2 trillion in deposits, could run dry by the end of the year because the recession has aggravated the cost of bank failures. The FDIC may need to borrow $11 billion from the Treasury to keep from going broke, the CBO predicted. The House Budget Committee further undermined confidence in the FDIC...
Call it a tale of two bank failures. When Boston-based Bank of New England Corp. collapsed last week, federal regulators rushed to bail out the region's fourth largest banking company (assets: $22 billion). To prevent a run on deposits that could spread throughout troubled New England and beyond, Washington even stood behind deposits of more than $100,000, the limit covered by federal insurance. But when the small, black-owned Freedom National Bank (assets: $121 million) failed last November in New York City's Harlem, the Federal Deposit Insurance Corporation saw no risk of a widespread panic...
...into a deeper recession. In a gloomy assessment of the banking outlook, FDIC chairman L. William Seidman warned Congress last week that more big banks could go bust in 1991 unless the current recession is "short and shallow." A run of large failures would swiftly bankrupt the FDIC's deposit-insurance fund, which stood at $9 billion last month. Even without a sharp downturn, Seidman said, the fund will fall to a record low of $4 billion by the end of 1991, as an estimated 180 banking firms fail...