26521Federal Register / Vol. 74, No. 105 / Wednesday, June 3, 2009 / Rules and Regulations
1 74 FR 12078 (March 23, 2009).
2 See Section 13(c)(4)(G) of the Federal Deposit
Insurance Act (FDI Act), 12 U.S.C. 1823(c)(4)(G).
The determination of systemic risk authorized the
FDIC to take actions to avoid or mitigate serious
adverse effects on economic conditions or financial
stability, and the FDIC implemented the TLGP in
response.
Section 9(a) Tenth of the FDI Act, 12 U.S.C.
1819(a)Tenth, provides additional authority for the
establishment of the TLGP.
3 74 FR 12078 (March 23, 2009).
4 Section 204(d) of the Helping Families Save
Their Homes Act of 2009 (Pub. L. 111–22), enacted
on May 20, 2009, authorized the FDIC to impose a
special assessment on depository institution
holding companies (with the concurrence of the
Secretary of the Treasury) to recover losses to the
Deposit Insurance Fund arising from action taken
or assistance provided with respect to an insured
depository institution following a system risk
determination made pursuant to section
13(c)(4)(G)(i) of the Federal Deposit Insurance Act.
deposits of the next longer and shorter
maturities offered in the market.
Dated at Washington, DC, this 29th day of
May, 2009.
Authorized to be published in the Federal
Register by Order of the Board of Directors
of the Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. E9–12938 Filed 6–2–09; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 370
RIN 3064–AD37
Amendment of the Temporary Liquidity
Guarantee Program To Extend the
Debt Guarantee Program and To
Impose Surcharges on Assessments
for Certain Debt Issued on or After
April 1, 2009
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule.
SUMMARY: The FDIC is issuing this final
rule to amend the Temporary Liquidity
Guarantee Program (TLGP) by providing
a limited extension of the Debt
Guarantee Program (DGP) for insured
depository institutions (IDIs)
participating in the DGP. The extended
DGP also applies to other participating
entities; however, other participating
entities that did not issue FDIC-
guaranteed debt before April 1, 2009 are
required to submit an application to and
obtain approval from the FDIC to
participate in the extended DGP. The
final rule imposes surcharges on certain
debt issued on or after April 1, 2009.
Any surcharge collected will be
deposited into the Deposit Insurance
Fund (DIF or Fund). The final rule also
establishes an application process
whereby entities participating in the
extended DGP may apply to issue non-
FDIC-guaranteed debt during the
extension period. The final rule restates
without change the interim rule
published in the Federal Register by the
FDIC on March 23, 2009.1
DATES: Effective June 3, 2009.
FOR FURTHER INFORMATION CONTACT:
Mark L. Handzlik, Senior Attorney,
Legal Division, (202) 898–3990 or
mhandzlik@fdic.gov; Robert C. Fick,
Counsel, Legal Division, (202) 898–8962
or rfick@fdic.gov; A. Ann Johnson,
Counsel, Legal Division, (202) 898–3573
or aajohnson@fdic.gov; (for questions or
comments related to applications) Lisa
D Arquette, Associate Director, Division
of Supervision and Consumer
Protection, (202) 898–8633 or
larquette@fdic.gov; Serena L. Owens,
Associate Director, Supervision and
Applications Branch, Division of
Supervision and Consumer Protection,
(202) 898–8996 or sowens@fdic.gov; Gail
Patelunas, Deputy Director, Division of
Resolutions and Receiverships, (202)
898–6779 or gpatelunas@fdic.gov;
Donna Saulnier, Manager, Assessment
Policy Section, Division of Finance,
(703) 562–6167 or dsaulnier@fdic.gov;
or Munsell St. Clair, Chief, Bank and
Regulatory Policy Section, Division of
Insurance and Research, (202) 898–8967
or mstclair@fdic.gov.
SUPPLEMENTARY INFORMATION
I. Background
The FDIC adopted the TLGP in
October 2008 following a determination
of systemic risk by the Secretary of the
Treasury (after consultation with the
President) that was supported by
recommendations from the FDIC and
the Board of Governors of the Federal
Reserve System (Federal Reserve).2 The
TLGP is part of a coordinated effort by
the FDIC, the U.S. Department of the
Treasury (Treasury), and the Federal
Reserve to address unprecedented
disruptions in credit markets and the
resultant inability of financial
institutions to fund themselves and
make loans to creditworthy borrowers.
The steps taken to stabilize the
nation’s financial system by the
Congress, the Treasury, and the federal
banking agencies have improved
conditions in the U.S. credit markets.
While liquidity in the financial markets
has not returned to pre-crisis levels, the
TLGP debt guarantee program has
benefited participating IDIs, bank and
certain savings and loan holding
companies, and certain of their affiliates
by improving their options for short-
term and intermediate-term funding.
On March 17, 2009, the FDIC’s Board
of Directors (Board) adopted an interim
rule that amended the TLGP by
providing for a limited extension of the
DGP, imposing surcharges on
assessments for certain debt issued on
or after April 1, 2009, and providing
procedures to enable participating
entities to issue certain non-guaranteed
debt.3 This amendment was designed to
reduce market disruption at the
conclusion of the TLGP by facilitating
the orderly phase-out of the DGP and
encouraging participating entities to use
the limited extension of the DGP to plan
for a successful return to sources of non-
FDIC-guaranteed funding markets.
II. The Interim Rule
On March 17, 2009, the FDIC’s Board
adopted an interim rule with request for
comment that amended the TLGP by
providing for a limited extension of the
DGP, surcharges for certain debt
issuances, and procedures for
participating entities to issue certain
non-guaranteed debt. The interim rule
was published in the Federal Register
on March 23, 2009. As discussed in the
section that follows, commenters
generally favored the interim rule.
Accordingly, the FDIC is implementing
the interim rule as a final rule without
change.
III. Summary of Comments
The FDIC received two comments on
the interim rule from groups
representing the banking industry. Both
commenters supported the amendments
to the DGP made in the interim rule.
The commenters specifically
endorsed the surcharges placed on
certain FDIC-guaranteed debt and made
applicable to all participating entities
that issued FDIC-guaranteed debt after
April 1, 2009. In the event of the
diminution of the Deposit Insurance
Fund (DIF) caused by TLGP losses, if
any, the commenters noted that only
IDIs would be required to fund a special
assessment to replenish the DIF, though
IDIs have not been the primary users of
the program.4 Depositing surcharges
directly into the DIF was viewed by
these commenters as an appropriate
recognition of the possible exposure that
all IDIs, both participating and non-
participating, could face in the event of
losses caused by the TLGP. The
commenters also welcomed the
potential for a corresponding decrease
in standard assessments for IDIs that
could result from the deposit of the
surcharges into the DIF.
VerDate Nov<24>2008 15:33 Jun 02, 2009 Jkt 217001 PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 E:\FR\FM\03JNR1.SGM 03JNR1
dwashington3 on PROD1PC60 with RULES
1 74 FR 12078 (March 23, 2009).
2 See Section 13(c)(4)(G) of the Federal Deposit
Insurance Act (FDI Act), 12 U.S.C. 1823(c)(4)(G).
The determination of systemic risk authorized the
FDIC to take actions to avoid or mitigate serious
adverse effects on economic conditions or financial
stability, and the FDIC implemented the TLGP in
response.
Section 9(a) Tenth of the FDI Act, 12 U.S.C.
1819(a)Tenth, provides additional authority for the
establishment of the TLGP.
3 74 FR 12078 (March 23, 2009).
4 Section 204(d) of the Helping Families Save
Their Homes Act of 2009 (Pub. L. 111–22), enacted
on May 20, 2009, authorized the FDIC to impose a
special assessment on depository institution
holding companies (with the concurrence of the
Secretary of the Treasury) to recover losses to the
Deposit Insurance Fund arising from action taken
or assistance provided with respect to an insured
depository institution following a system risk
determination made pursuant to section
13(c)(4)(G)(i) of the Federal Deposit Insurance Act.
deposits of the next longer and shorter
maturities offered in the market.
Dated at Washington, DC, this 29th day of
May, 2009.
Authorized to be published in the Federal
Register by Order of the Board of Directors
of the Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. E9–12938 Filed 6–2–09; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 370
RIN 3064–AD37
Amendment of the Temporary Liquidity
Guarantee Program To Extend the
Debt Guarantee Program and To
Impose Surcharges on Assessments
for Certain Debt Issued on or After
April 1, 2009
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule.
SUMMARY: The FDIC is issuing this final
rule to amend the Temporary Liquidity
Guarantee Program (TLGP) by providing
a limited extension of the Debt
Guarantee Program (DGP) for insured
depository institutions (IDIs)
participating in the DGP. The extended
DGP also applies to other participating
entities; however, other participating
entities that did not issue FDIC-
guaranteed debt before April 1, 2009 are
required to submit an application to and
obtain approval from the FDIC to
participate in the extended DGP. The
final rule imposes surcharges on certain
debt issued on or after April 1, 2009.
Any surcharge collected will be
deposited into the Deposit Insurance
Fund (DIF or Fund). The final rule also
establishes an application process
whereby entities participating in the
extended DGP may apply to issue non-
FDIC-guaranteed debt during the
extension period. The final rule restates
without change the interim rule
published in the Federal Register by the
FDIC on March 23, 2009.1
DATES: Effective June 3, 2009.
FOR FURTHER INFORMATION CONTACT:
Mark L. Handzlik, Senior Attorney,
Legal Division, (202) 898–3990 or
mhandzlik@fdic.gov; Robert C. Fick,
Counsel, Legal Division, (202) 898–8962
or rfick@fdic.gov; A. Ann Johnson,
Counsel, Legal Division, (202) 898–3573
or aajohnson@fdic.gov; (for questions or
comments related to applications) Lisa
D Arquette, Associate Director, Division
of Supervision and Consumer
Protection, (202) 898–8633 or
larquette@fdic.gov; Serena L. Owens,
Associate Director, Supervision and
Applications Branch, Division of
Supervision and Consumer Protection,
(202) 898–8996 or sowens@fdic.gov; Gail
Patelunas, Deputy Director, Division of
Resolutions and Receiverships, (202)
898–6779 or gpatelunas@fdic.gov;
Donna Saulnier, Manager, Assessment
Policy Section, Division of Finance,
(703) 562–6167 or dsaulnier@fdic.gov;
or Munsell St. Clair, Chief, Bank and
Regulatory Policy Section, Division of
Insurance and Research, (202) 898–8967
or mstclair@fdic.gov.
SUPPLEMENTARY INFORMATION
I. Background
The FDIC adopted the TLGP in
October 2008 following a determination
of systemic risk by the Secretary of the
Treasury (after consultation with the
President) that was supported by
recommendations from the FDIC and
the Board of Governors of the Federal
Reserve System (Federal Reserve).2 The
TLGP is part of a coordinated effort by
the FDIC, the U.S. Department of the
Treasury (Treasury), and the Federal
Reserve to address unprecedented
disruptions in credit markets and the
resultant inability of financial
institutions to fund themselves and
make loans to creditworthy borrowers.
The steps taken to stabilize the
nation’s financial system by the
Congress, the Treasury, and the federal
banking agencies have improved
conditions in the U.S. credit markets.
While liquidity in the financial markets
has not returned to pre-crisis levels, the
TLGP debt guarantee program has
benefited participating IDIs, bank and
certain savings and loan holding
companies, and certain of their affiliates
by improving their options for short-
term and intermediate-term funding.
On March 17, 2009, the FDIC’s Board
of Directors (Board) adopted an interim
rule that amended the TLGP by
providing for a limited extension of the
DGP, imposing surcharges on
assessments for certain debt issued on
or after April 1, 2009, and providing
procedures to enable participating
entities to issue certain non-guaranteed
debt.3 This amendment was designed to
reduce market disruption at the
conclusion of the TLGP by facilitating
the orderly phase-out of the DGP and
encouraging participating entities to use
the limited extension of the DGP to plan
for a successful return to sources of non-
FDIC-guaranteed funding markets.
II. The Interim Rule
On March 17, 2009, the FDIC’s Board
adopted an interim rule with request for
comment that amended the TLGP by
providing for a limited extension of the
DGP, surcharges for certain debt
issuances, and procedures for
participating entities to issue certain
non-guaranteed debt. The interim rule
was published in the Federal Register
on March 23, 2009. As discussed in the
section that follows, commenters
generally favored the interim rule.
Accordingly, the FDIC is implementing
the interim rule as a final rule without
change.
III. Summary of Comments
The FDIC received two comments on
the interim rule from groups
representing the banking industry. Both
commenters supported the amendments
to the DGP made in the interim rule.
The commenters specifically
endorsed the surcharges placed on
certain FDIC-guaranteed debt and made
applicable to all participating entities
that issued FDIC-guaranteed debt after
April 1, 2009. In the event of the
diminution of the Deposit Insurance
Fund (DIF) caused by TLGP losses, if
any, the commenters noted that only
IDIs would be required to fund a special
assessment to replenish the DIF, though
IDIs have not been the primary users of
the program.4 Depositing surcharges
directly into the DIF was viewed by
these commenters as an appropriate
recognition of the possible exposure that
all IDIs, both participating and non-
participating, could face in the event of
losses caused by the TLGP. The
commenters also welcomed the
potential for a corresponding decrease
in standard assessments for IDIs that
could result from the deposit of the
surcharges into the DIF.
VerDate Nov<24>2008 15:33 Jun 02, 2009 Jkt 217001 PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 E:\FR\FM\03JNR1.SGM 03JNR1
dwashington3 on PROD1PC60 with RULES
26522 Federal Register / Vol. 74, No. 105 / Wednesday, June 3, 2009 / Rules and Regulations
5 12 CFR 370.3(h)(1)(i).
6 2009 Monetary Press Release, Release Date:
February 3, 2009, http://www.federalreserve.gov/
newsevents/press/monetary/20090203a.htm (last
visited February 20, 2009) (announcing four-month
extensions until October 2009 of six liquidity
programs originally scheduled to expire in April
2009).
7 Unlike IDIs (for whom the FDIC has either
primary or backup supervision authority) and other
participating entities that issued debt before April
1, 2009 (for whom the FDIC is aware of current debt
issuances and the evolving financial condition of
those entities), for other participating entities that
did not issue debt before April 1, 2009, the FDIC
has chosen to mitigate its risk during the extension
period by establishing an application process that
will enable the FDIC to become more familiar with
the current financial situation for these entities and
with their plans for issuing debt during the
extension period.
One commenter applauded the FDIC’s
efforts to unwind the DGP as described
in the interim rule. The commenter
favorably noted that the interim rule
encouraged participating entities to
return to the non-FDIC-guaranteed debt
market by, for example, establishing
procedures for issuing non-FDIC-
guaranteed debt during the extended
DGP and implementing the
aforementioned surcharges.
Noting the changes that have occurred
in the TLGP since its inception in
October 2008, one commenter suggested
that the FDIC provide a second
opportunity for eligible entities to opt-
in to the program. As the FDIC stated in
the interim rule, the purpose of the
amendments to the TLGP are to ensure
an orderly phase-out of the program.
Providing a second opportunity to opt-
in to the DGP would be contrary to this
effort. The FDIC believes that the TLGP
has provided reliable and cost-efficient
liquidity support to financial
institutions with demonstrated funding
needs. Institutions that have elected to
opt-out of the TLGP are perceived as
less likely to have such funding needs
and, therefore, the FDIC believes that
providing a second opportunity to opt-
in to the DGP—as the program winds
down—would be of marginal benefit to
the industry.
One commenter suggested that the
interim rule be revised to permit an IDI
with capacity under its existing debt
limit to transfer that capacity to its
holding company so that the guaranteed
debt could be issued by the holding
company rather than by the IDI. Under
the TLGP, debt guarantee limits were
based on the liquidity needs of an entity
as determined by senior unsecured debt
outstanding on September 30, 2008 (or
2 percent of liabilities for IDIs without
any outstanding senior unsecured debt
on September 30, 2008). Holding
companies that regularly issued debt on
behalf of its subsidiary IDIs presumably
would have had such debt outstanding
on September 30, 2008, and their debt
guarantee limits for purposes of the
TLGP would have been established
accordingly. The purpose of the TLGP
was not to establish a new or expanded
debt market for holding companies.
Instead, a primary focus of the TLGP
was to encourage interbank lending.
Without case-by-case analysis, the FDIC
believes it would be inconsistent with
the purpose of the TLGP to permit any
holding company that had not
previously issued debt on behalf of its
subsidiary IDI to rely on its IDI’s debt
limit to establish or enhance its own
debt issuances. The FDIC notes,
however, that part 370 permits any
participating entity to request an
increase in its debt guarantee limit, and
the FDIC will continue to consider such
applications on a case-by-case basis.5
IV. The Final Rule
The FDIC has implemented the
interim rule as a final rule without
change. As discussed below, the final
rule restates the three primary
amendments to the TLGP announced in
the interim rule: it provides for a limited
extension of the DGP; imposes
surcharges on assessments for certain
debt issuances; and establishes
procedures whereby a participating
entity can apply to issue certain debt
that is not guaranteed by the FDIC.
A. Extension of the Debt Guarantee
Program for IDIs Participating in the
TLGP
Under the version of the DGP that
existed before the interim rule was
issued, participating entities were
permitted to issue senior unsecured
debt until June 30, 2009. The FDIC
guarantee for such this debt extended
until the earlier of the maturity of the
debt or June 30, 2012.
Like the interim rule, the final rule
provides a limited four-month extension
for the issuance of debt under the DGP
and is consistent with extensions to
other liquidity programs recently
announced by the Federal Reserve.6 The
final rule permits all IDIs participating
in the DGP to issue FDIC-guaranteed
senior unsecured debt until October 31,
2009. For debt issued on or after April
1, 2009, the final rule restates without
change those provisions of the interim
rule that extended the FDIC’s guarantee
until the earliest of the opt-out date, the
maturity of the debt, the mandatory
conversion date for mandatory
convertible debt, or December 31, 2012.
B. Extension of the Debt Guarantee
Program for Other Entities Participating
in the TLGP
As with the interim rule, the final rule
permits other participating entities that
issued FDIC-guaranteed debt before
April 1, 2009, to participate in the
extended DGP without application.
However, other participating entities
that did not issue FDIC-guaranteed debt
before April 1, 2009, are required to
apply to and receive approval from the
FDIC to participate in the extended
DGP.7 The deadline for submitting an
application to participate in the
extended DGP continues to be June 30,
2009. The FDIC will review such
applications on a case-by-case basis.
Absent such application and approval,
the FDIC’s guarantee will expire for
such entities no later than June 30,
2012.
This final rule will not change a
participating entity’s existing debt
guarantee limit or affect any conditions
that the FDIC may have placed on the
issuance of debt by an IDI or other
participating entity. In addition, the
FDIC reiterates that, consistent with
prudent liquidity management
practices, issuance levels under the DGP
should be consistent with existing
funding plans and estimated liquidity
needs. The chart that follows provides
a summary of the relevant dates for
entities that participate (and those that
do not participate) in the extended DGP.
VerDate Nov<24>2008 15:33 Jun 02, 2009 Jkt 217001 PO 00000 Frm 00012 Fmt 4700 Sfmt 4700 E:\FR\FM\03JNR1.SGM 03JNR1
dwashington3 on PROD1PC60 with RULES
5 12 CFR 370.3(h)(1)(i).
6 2009 Monetary Press Release, Release Date:
February 3, 2009, http://www.federalreserve.gov/
newsevents/press/monetary/20090203a.htm (last
visited February 20, 2009) (announcing four-month
extensions until October 2009 of six liquidity
programs originally scheduled to expire in April
2009).
7 Unlike IDIs (for whom the FDIC has either
primary or backup supervision authority) and other
participating entities that issued debt before April
1, 2009 (for whom the FDIC is aware of current debt
issuances and the evolving financial condition of
those entities), for other participating entities that
did not issue debt before April 1, 2009, the FDIC
has chosen to mitigate its risk during the extension
period by establishing an application process that
will enable the FDIC to become more familiar with
the current financial situation for these entities and
with their plans for issuing debt during the
extension period.
One commenter applauded the FDIC’s
efforts to unwind the DGP as described
in the interim rule. The commenter
favorably noted that the interim rule
encouraged participating entities to
return to the non-FDIC-guaranteed debt
market by, for example, establishing
procedures for issuing non-FDIC-
guaranteed debt during the extended
DGP and implementing the
aforementioned surcharges.
Noting the changes that have occurred
in the TLGP since its inception in
October 2008, one commenter suggested
that the FDIC provide a second
opportunity for eligible entities to opt-
in to the program. As the FDIC stated in
the interim rule, the purpose of the
amendments to the TLGP are to ensure
an orderly phase-out of the program.
Providing a second opportunity to opt-
in to the DGP would be contrary to this
effort. The FDIC believes that the TLGP
has provided reliable and cost-efficient
liquidity support to financial
institutions with demonstrated funding
needs. Institutions that have elected to
opt-out of the TLGP are perceived as
less likely to have such funding needs
and, therefore, the FDIC believes that
providing a second opportunity to opt-
in to the DGP—as the program winds
down—would be of marginal benefit to
the industry.
One commenter suggested that the
interim rule be revised to permit an IDI
with capacity under its existing debt
limit to transfer that capacity to its
holding company so that the guaranteed
debt could be issued by the holding
company rather than by the IDI. Under
the TLGP, debt guarantee limits were
based on the liquidity needs of an entity
as determined by senior unsecured debt
outstanding on September 30, 2008 (or
2 percent of liabilities for IDIs without
any outstanding senior unsecured debt
on September 30, 2008). Holding
companies that regularly issued debt on
behalf of its subsidiary IDIs presumably
would have had such debt outstanding
on September 30, 2008, and their debt
guarantee limits for purposes of the
TLGP would have been established
accordingly. The purpose of the TLGP
was not to establish a new or expanded
debt market for holding companies.
Instead, a primary focus of the TLGP
was to encourage interbank lending.
Without case-by-case analysis, the FDIC
believes it would be inconsistent with
the purpose of the TLGP to permit any
holding company that had not
previously issued debt on behalf of its
subsidiary IDI to rely on its IDI’s debt
limit to establish or enhance its own
debt issuances. The FDIC notes,
however, that part 370 permits any
participating entity to request an
increase in its debt guarantee limit, and
the FDIC will continue to consider such
applications on a case-by-case basis.5
IV. The Final Rule
The FDIC has implemented the
interim rule as a final rule without
change. As discussed below, the final
rule restates the three primary
amendments to the TLGP announced in
the interim rule: it provides for a limited
extension of the DGP; imposes
surcharges on assessments for certain
debt issuances; and establishes
procedures whereby a participating
entity can apply to issue certain debt
that is not guaranteed by the FDIC.
A. Extension of the Debt Guarantee
Program for IDIs Participating in the
TLGP
Under the version of the DGP that
existed before the interim rule was
issued, participating entities were
permitted to issue senior unsecured
debt until June 30, 2009. The FDIC
guarantee for such this debt extended
until the earlier of the maturity of the
debt or June 30, 2012.
Like the interim rule, the final rule
provides a limited four-month extension
for the issuance of debt under the DGP
and is consistent with extensions to
other liquidity programs recently
announced by the Federal Reserve.6 The
final rule permits all IDIs participating
in the DGP to issue FDIC-guaranteed
senior unsecured debt until October 31,
2009. For debt issued on or after April
1, 2009, the final rule restates without
change those provisions of the interim
rule that extended the FDIC’s guarantee
until the earliest of the opt-out date, the
maturity of the debt, the mandatory
conversion date for mandatory
convertible debt, or December 31, 2012.
B. Extension of the Debt Guarantee
Program for Other Entities Participating
in the TLGP
As with the interim rule, the final rule
permits other participating entities that
issued FDIC-guaranteed debt before
April 1, 2009, to participate in the
extended DGP without application.
However, other participating entities
that did not issue FDIC-guaranteed debt
before April 1, 2009, are required to
apply to and receive approval from the
FDIC to participate in the extended
DGP.7 The deadline for submitting an
application to participate in the
extended DGP continues to be June 30,
2009. The FDIC will review such
applications on a case-by-case basis.
Absent such application and approval,
the FDIC’s guarantee will expire for
such entities no later than June 30,
2012.
This final rule will not change a
participating entity’s existing debt
guarantee limit or affect any conditions
that the FDIC may have placed on the
issuance of debt by an IDI or other
participating entity. In addition, the
FDIC reiterates that, consistent with
prudent liquidity management
practices, issuance levels under the DGP
should be consistent with existing
funding plans and estimated liquidity
needs. The chart that follows provides
a summary of the relevant dates for
entities that participate (and those that
do not participate) in the extended DGP.
VerDate Nov<24>2008 15:33 Jun 02, 2009 Jkt 217001 PO 00000 Frm 00012 Fmt 4700 Sfmt 4700 E:\FR\FM\03JNR1.SGM 03JNR1
dwashington3 on PROD1PC60 with RULES