FDIC Remains Financially Strong
The FDIC, an independent agency fully funded by banking industry premiums, is financially secure and has the
resources it needs to protect customer deposits. Eighteen months ago banks paid to the FDIC three years of
assessments - - totaling nearly $46 billion – to assure the agency had the necessary funds to protect insured
depositors. It has sufficient cash on hand today to meet its needs for the foreseeable future.
The banking industry remains committed to making sure the FDIC has the resources it needs to protect insured
depositors, and this commitment is independent and unrelated to the debt ceiling. The banking industry’s
capital -- $1.53 trillion -- stands behind the FDIC to assure it remains strong.
An FDIC spokesman on July 29, 2011 confirmed the agency’s strong financial position. “The FDIC’s Deposit
Insurance Fund (DIF) has more than adequate liquidity, currently more than $44 billion, to meet all of our
deposit insurance responsibilities,” he said. “The FDIC receives no federal tax dollars -- insured financial
institutions fund the DIF.”
Source: ABA Daily Newsbytes
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