Bank Failures Will Cost $19 Billion Through 2015, FDIC Says
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U.S. bank failures through 2015 will drain $19 billion from the Federal Deposit Insurance Corp. fund for covering losses from shutdowns, the agency said in an update of its reserve ratio projections.
The $19 billion figure reported by the FDIC today is a decrease from the estimated $23 billion needed to cover bank failures in 2010, reflecting both the slowing rate of bank shutdowns and the impact of assessment increases imposed by the FDIC to bolster the Deposit Insurance Fund.