FDIC is almost broke - looks for $45 billion from US Banks
Fred Day
Sep. 29, 2009

The FDIC staff said on Tuesday that the costs of future bank failures from 2009 to 2013 has risen to about $100 billion. It has only $10 billion now!

US banks owe about $45 to 50 billion in advance to the cash-strapped FDIC protecting depositors under a proposal being presented by US regulators on Tuesday.

US Banks may lose their profitability trends in the future. FDIC will still be short of cash. One major bank failure will cause FDIV itself to fail.

The amount is equal to the next three years’ worth of regular industry fees and the plan comes as US regulators are looking for ways to replenish the fund, which has been depleted by a rising number of bank failures.

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Fred Day
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