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Financial Stability Plan Information

U.S. Treasury Secretary Timothy Geithner announced the governments new Financial Stability Plan Feb. 10. Below are resources for information about the plan and various components.

Check back here as we learn more details and have more information about how this affects the numerous programs outlined below that were part of the previous efforts to stabilize the financial system.

 Capital Purchase Program
The Capital Purchase Program for commercial banks has moved from Treasury granting the nine largest banks $125 billion to other regional and community banks that are interested in applying for the capital. We have a link here to the Treasury’s EESA website as well as other available Treasury and GBA information.

FDIC Temporary Liquidity Guarantee Program
The FDIC’s Temporary Liquidity Guarantee Program includes these important aspects: to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, thrifts and certain holding companies, and by providing full coverage of non-interest bearing deposit transaction accounts, regardless of dollar amount. Key information about the program can be found at the FDIC’s TLGP page.

Take Action: At a meeting of the FDIC Board June 24, the FDIC voted to present two alternatives for phasing out its guarantee of noninterest-bearing transaction accounts over $250,000. The first alternative is for the program to expire at its original deadline of Dec. 31, 2009 and the second is to extend the expiration date by six months through June 30, 2010. Under the extended time frame, the FDIC would propose an increased fee of 25 basis points as opposed to the current 10 basis point fee on deposits in such accounts effective on January 1, 2010. Also under this alternative, currently participating institutions would have the opportunity to opt out of the extended program and appropriate customer notification would be required. These proposals will be published for public comment and the GBA will respond accordingly. We would like to know your thoughts on this proposal. Should you have questions or a recommendation, please contact Elizabeth Chandler at 404.420.2027.

Communications Guides and News Releases
See the links below to GBA’s resources about the EESA components and other recent issues affecting Georgia’s banks:

We will be updating this page regularly as additional information from the Treasury Department, FDIC or other agencies becomes available.

With questions or to share your opinion, please send an e-mail to the Webmaster. 

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