posted on Aug, 26 2009 @ 08:27 PM
FDIC press releases cost to FDIC estimates are less than half the actual costs to the FDIC.
Actual loss numbers are from their annual report Key Statistics Appendix.
I put into a spreadsheet the costs of this years' and last years' bank failures to estimate where this years' FDIC funds are (Balance in March was
$13B). The FDIC does have a credit line of $500B tapped into our future paychecks generously granted by our Congressfolk.
The estimate numbers are from FDIC Failed Bank Information pages
(example: Guaranty Bank)
and the associated press release
Which has a statement like "The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3 billion." Actual total losses will
probably be about 2.3 times their estimate on average.
If the FDIC started this year with $17B in funds, and the actuals may be $51B 2009 to date, then the FDIC is in the red by $34B.
[edit on 26-8-2009 by Dbriefed]