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FDIC fund falls 20% due to bank losses
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Published: August 27, 2009
WASHINGTON - The head of the FDIC says there are no immediate plans to borrow money from the Treasury Department to shore up the shrinking deposit insurance fund.
With bank failures surging, the Federal Deposit Insurance Corp. says the insurance fund fell 20 percent to $10.4 billion in the second quarter as U.S. banks overall lost $3.7 billion.
Asked about a possibility of tapping the Treasury, FDIC Chairman Sheila Bair says: "Not at this point in time. I never say 'never,' but not at this point in time, no."
At the same time, Bair reaffirmed the likelihood of an additional fee on U.S. banks this year to help replenish the fund.
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