51062 Federal Register / Vol. 74, No. 190 / Friday, October 2, 2009 / Notices
FEDERAL DEPOSIT INSURANCE
CORPORATION
Federal Deposit Insurance Corporation
Amended Restoration Plan
Tuesday, September 29, 2009.
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Amendment of Federal Deposit
Insurance Corporation Restoration Plan.
On October 7, 2008, the FDIC
established a Restoration Plan for the
Deposit Insurance Fund (the DIF or the
Fund), which was implemented
immediately. The Restoration Plan
called for the FDIC to set assessment
rates such that the reserve ratio would
return to 1.15 percent within five years.
On February 27, 2009, the FDIC
concluded that the problems facing the
financial services sector and the
economy at large constituted
extraordinary circumstances and
amended the Restoration Plan and
extended the time within which the
reserve ratio would return to 1.15
percent from five to seven years
(Amended Restoration Plan).
In May 2009, Congress amended the
statutory provision governing
establishment and implementation of a
Restoration Plan to allow the FDIC eight
years to bring the reserve ratio back to
1.15 percent, absent extraordinary
circumstances. The FDIC has concluded
that the Amended Restoration Plan
should be extended from seven to eight
years as is allowed under current law.
Therefore, the FDIC amends the
Amended Restoration Plan adopted on
February 27, 2009, as follows:
1. The period of the Amended
Restoration Plan is extended to eight
years.
2. The FDIC will not impose any
further special assessments under the
final rule adopted in May 2009.
3. The FDIC plans to maintain
assessment rates at their current levels
through the end of 2010. The FDIC is
immediately adopting a uniform 3 basis
point increase in assessment rates
effective January 1, 2011, to ensure that
the fund returns to 1.15 percent within
the Amended Restoration Plan period of
eight years.
4. At least semi-annually hereafter,
the FDIC will update its loss and
income projections for the Fund. If
necessary to return the reserve ratio to
1.15 percent, the Board will increase
assessment rates prior to the end of the
eight-year period, following notice-and-
comment rulemaking.
5. This Amended Restoration Plan
shall be implemented immediately.
By order of the Board of Directors.
Dated at Washington, DC, this 29th of
September, 2009.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. E9–23802 Filed 9–30–09; 11:15 am]
BILLING CODE 6714–01–P
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pwalker on DSK8KYBLC1PROD with NOTICES2
FEDERAL DEPOSIT INSURANCE
CORPORATION
Federal Deposit Insurance Corporation
Amended Restoration Plan
Tuesday, September 29, 2009.
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Amendment of Federal Deposit
Insurance Corporation Restoration Plan.
On October 7, 2008, the FDIC
established a Restoration Plan for the
Deposit Insurance Fund (the DIF or the
Fund), which was implemented
immediately. The Restoration Plan
called for the FDIC to set assessment
rates such that the reserve ratio would
return to 1.15 percent within five years.
On February 27, 2009, the FDIC
concluded that the problems facing the
financial services sector and the
economy at large constituted
extraordinary circumstances and
amended the Restoration Plan and
extended the time within which the
reserve ratio would return to 1.15
percent from five to seven years
(Amended Restoration Plan).
In May 2009, Congress amended the
statutory provision governing
establishment and implementation of a
Restoration Plan to allow the FDIC eight
years to bring the reserve ratio back to
1.15 percent, absent extraordinary
circumstances. The FDIC has concluded
that the Amended Restoration Plan
should be extended from seven to eight
years as is allowed under current law.
Therefore, the FDIC amends the
Amended Restoration Plan adopted on
February 27, 2009, as follows:
1. The period of the Amended
Restoration Plan is extended to eight
years.
2. The FDIC will not impose any
further special assessments under the
final rule adopted in May 2009.
3. The FDIC plans to maintain
assessment rates at their current levels
through the end of 2010. The FDIC is
immediately adopting a uniform 3 basis
point increase in assessment rates
effective January 1, 2011, to ensure that
the fund returns to 1.15 percent within
the Amended Restoration Plan period of
eight years.
4. At least semi-annually hereafter,
the FDIC will update its loss and
income projections for the Fund. If
necessary to return the reserve ratio to
1.15 percent, the Board will increase
assessment rates prior to the end of the
eight-year period, following notice-and-
comment rulemaking.
5. This Amended Restoration Plan
shall be implemented immediately.
By order of the Board of Directors.
Dated at Washington, DC, this 29th of
September, 2009.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. E9–23802 Filed 9–30–09; 11:15 am]
BILLING CODE 6714–01–P
VerDate Nov<24>2008 16:44 Oct 01, 2009 Jkt 220001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4703 E:\FR\FM\02OCN2.SGM 02OCN2
pwalker on DSK8KYBLC1PROD with NOTICES2