SRCE » Topics » Temporary Liquidity Guarantee Program

These excerpts taken from the SRCE 10-K filed Feb 20, 2009.
Temporary Liquidity Guarantee Program — On November 21, 2008, the FDIC Board of Directors adopted a final rule implementing the Temporary Liquidity Guarantee Program (TLG Program). The TLG Program consists of two basic components: a guarantee of newly issued senior unsecured debt of banks, thrifts, and certain holding companies (the debt guarantee program) and full guarantee of non-interest bearing deposit transaction accounts, such as business payroll accounts, regardless of dollar amount (the transaction account guarantee program). The purpose of the guarantee of transaction accounts and the debt guarantee is to reduce funding costs and allow banks and thrifts to increase lending to consumers and businesses. All insured depository institutions were automatically enrolled in both programs unless they elected to opt out by a specified date. 1st Source did not elect to opt out and thus participates in both programs.
 
Temporary Liquidity Guarantee
Program
— On November 21, 2008, the FDIC Board of Directors adopted a
final rule implementing the Temporary Liquidity Guarantee Program (TLG Program).
The TLG Program consists of two basic components: a guarantee of newly issued
senior unsecured debt of banks, thrifts, and certain holding companies (the debt
guarantee program) and full guarantee of non-interest bearing deposit
transaction accounts, such as business payroll accounts, regardless of dollar
amount (the transaction account guarantee program). The purpose of the guarantee
of transaction accounts and the debt guarantee is to reduce funding costs and
allow banks and thrifts to increase lending to consumers and businesses. All
insured depository institutions were automatically enrolled in both programs
unless they elected to opt out by a specified date. 1st Source did not elect to
opt out and thus participates in both programs.

 

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 20, 2009

"Temporary Liquidity Guarantee Program" elsewhere:

BancFirst (BANF)
First Busey (BUSE)
United Community Banks (UCBI)
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