FDIC · other · Published 2008-10-29 · Effective 2008-10-23 · 73 FR 64179
Document
Document number
E8-25739
Federal Register citation
73 FR 64179
CFR reference
12 CFR 370
Type
Rule
Action
Interim rule with request for comments.
Category
other
Agency
US Federal Deposit Insurance Corporation
Publication date
2008-10-29
Effective date
2008-10-23
Abstract
The FDIC is issuing this Interim Rule following a determination of systemic risk pursuant to section 13(c)(4)(G) of the Federal Deposit Insurance Act. As a result of this systemic risk determination, and in an effort to avoid or mitigate serious adverse effects on economic conditions or financial stability, the FDIC is establishing the Temporary Liquidity Guarantee Program. As further described in the Interim Rule, the Temporary Liquidity Guarantee Program has two primary components: the Debt Guarantee Program, by which the FDIC will guarantee the payment of certain newly- issued senior unsecured debt, and the Transaction Account Guarantee Program, by which the FDIC will guarantee certain noninterest-bearing transaction accounts.