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FDIC Bank Failure Fund Drops $2.6 Billion in Second Quarter

The FDIC is giving an update on its bank insurance fund right now, reporting how much it's spent to rescue failing banks and how much money it has left in its fund.

The FDIC insures individual bank accounts up to $250,000. So far this year, there have been 81 bank failures, with 17 in August alone, including the sixth- and 10th-largest of all time.

The FDIC reports that it has identified 416 "problem" banks, a number that is at a 15-year high, and they have $3.7 billion in aggregate assets.

The raft of bank failures caused the FDIC's fund balance to drop from $13 billion in March to $10.4 billion now.

During high instances of bank failures in the past, the FDIC was forced to get loans from Treasury.

You can read the FDIC's release by clicking here.

-- Frank Ahrens
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By Frank Ahrens  |  August 27, 2009; 10:18 AM ET
Categories:  The Ticker  | Tags: FDIC, bank failure  
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Comments

FDIC has to compete for funds with AIG. Just close down your bankrupt failed and useless companies. Go away. Try keeping up with the losers today Frank.

Posted by: Dermitt | August 27, 2009 3:34 PM | Report abuse

here's a bank that's not failing, credito emiliano, an italian bank that accepts parmigiano reggiano cheese as collateral for loans. great story: http://onthebutton.wordpress.com/2009/08/27/name-cheese-bank/

Posted by: rooney9 | August 27, 2009 5:03 PM | Report abuse

"The global communication networks necessary to support infectious disease surveillance systems are inadequate. Countrywide deficiencies in the phone and internet systems weaken surveillance, reporting, outbreak investigation, and response. Even where electronic reporting systems are available, they are often not used regularly for disease surveillance, in part because information technology personnel are inadequately trained and funded." global_disease_surveillance/challenges

No funding, but they pour billions into failed companies and banks. Some problems are bigger than others. It's hard.

Posted by: Dermitt | August 27, 2009 6:41 PM | Report abuse

The old books have the history of the Stealers Bank. RATS insured.

Posted by: Dermitt | August 27, 2009 7:21 PM | Report abuse

Post Bank isn't going to fail. Failproof.

Posted by: Dermitt | August 27, 2009 7:24 PM | Report abuse

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