This excerpt taken from the MI 10-K filed Mar 2, 2009.
FDICs Temporary Liquidity Guarantee Program
On December 5, 2008, the Corporation announced that it and its eligible affiliates will be participating in the two components of the FDICs Temporary Liquidity Guarantee Programthe Debt Guarantee Program (the DGP) and the Transaction Account Guarantee Program (the TAGP).
Under the DGP, certain senior unsecured debt issued by M&I and its eligible affiliates will be guaranteed by the FDIC, and the debt will be backed by the full faith and credit of the United States. The expiration date of the FDICs guarantee is the earlier of the maturity date of the debt or June 30, 2012.
Under the TAGP, through December 31, 2009, all noninterest-bearing transaction accounts (which the TAGP defines as including all noninterest-bearing personal and business checking accounts, NOW accounts earning no more than 0.5 percent interest, and Interest on Lawyer Trust Accounts) held at M&Is affiliate banks, M&I Bank, M&I Bank FSB, and Southwest Bank, an M&I Bank, are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the TAGP is in addition to and separate from the coverage available under the FDICs general deposit rules.