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Wednesday, October 9, 2013

Deposit Insurance Fund on Target

The FDIC reported that the Deposit Insurance Fund is on track to reach the Dodd-Frank-mandated target of 1.35% of insured deposits in 2020. The fund, which had a $20.9 billion deficit in 2009, marked a $37.9 billion surplus -- a 0.63%reserve ratio -- in June.

The recovery has been primarily due to $44.7 billion in assessments on banks, as well as declines in the FDIC’s problem bank list, which is now at its lowest level in four years. The FDIC noted that assessment revenues are down to $10.3 billion this year from $12.4 billion last year, because many banks have recovered and their assessment rates have declined.

“While it does not seem likely we will have to raise [assessment] rates anytime soon, it is also unlikely that we will be able to lower them in the future either,” FDIC Chairman Martin Gruenberg said at an agency board meeting. “Gradual and steady is, I think, the course here.”

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