Back in October, Bloomberg reported:
The Federal Deposit Insurance Corp. will temporarily guarantee new senior unsecured debt and fully protect non-interest-bearing deposits at banks in a bid to restore confidence in the financial system.
"All of us are prepared to do whatever it takes, to fix whatever problems arise, and to work with Wall Street and Main Street to unclog the financial system,'' FDIC Chairman Sheila Bair said today during a Treasury news conference.
The program is the latest effort by the FDIC to shore up confidence in the U.S. banking system in the wake of 15 bank failures this year. The $700 billion U.S. financial industry rescue law raises FDIC coverage of bank deposits to $250,000 per customer from $100,000 through 2009.
Change in Deposit Base
Cumulative Percent Change in Deposit Base by Type / Region