FDIFEDERAL DEPOSIT INSURANCE CORPORATION
FOR IMMEDIATE RELEASE
NEWS RELEASE
"NO NEWS IS GOOD NEWS,"
SAYS FDIC CHIEF
PR-238-88 (12-30-88)
"The Federal Deposit Insurance Corporation is pleased to announce that no
FDIC-insured banks failed this holiday week anywhere in the United States,"
FDIC Chairman L. William Seidman said today.
In a year-end statement, Mr. Seidman said the FDIC handled 200 failed and
21 assisted banks this year with total assets of $53.8 billion, a record level
in the agency's 55-year history. He noted that transactions involving another
$30 billion in bank assets were begun in 1988 and will be accounted for this
year even though they are not expected to be consummated until 1989.
The FDIC anticipates that its insurance fund will end the year with a $3
to $4 billion loss. "However," Chairman Seidman said, "we are projecting that
the fund will grow in 1989 and the number of bank failures will decline."
"The FDIC and the banking system have weathered a period of great stress
and, while problems remain, we are confident we have the resources to deal
with anything we can foresee in the year ahead."
###
FEDERAL DEPOSIT INSURANCE CORPORATION, 550 Seventeenth St., N.W., Washington, D.C. 20429 • 202-898-6996
FOR IMMEDIATE RELEASE
NEWS RELEASE
"NO NEWS IS GOOD NEWS,"
SAYS FDIC CHIEF
PR-238-88 (12-30-88)
"The Federal Deposit Insurance Corporation is pleased to announce that no
FDIC-insured banks failed this holiday week anywhere in the United States,"
FDIC Chairman L. William Seidman said today.
In a year-end statement, Mr. Seidman said the FDIC handled 200 failed and
21 assisted banks this year with total assets of $53.8 billion, a record level
in the agency's 55-year history. He noted that transactions involving another
$30 billion in bank assets were begun in 1988 and will be accounted for this
year even though they are not expected to be consummated until 1989.
The FDIC anticipates that its insurance fund will end the year with a $3
to $4 billion loss. "However," Chairman Seidman said, "we are projecting that
the fund will grow in 1989 and the number of bank failures will decline."
"The FDIC and the banking system have weathered a period of great stress
and, while problems remain, we are confident we have the resources to deal
with anything we can foresee in the year ahead."
###
FEDERAL DEPOSIT INSURANCE CORPORATION, 550 Seventeenth St., N.W., Washington, D.C. 20429 • 202-898-6996