MI » Topics » FDICs Temporary Liquidity Guarantee Program

This excerpt taken from the MI 10-K filed Mar 2, 2009.

FDIC’s 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 FDIC’s Temporary Liquidity Guarantee Program—the 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 FDIC’s 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&I’s 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 FDIC’s general deposit rules.

 

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