WASHINGTON, Feb 20 (Reuters) - A top U.S. bank regulator next week will discuss expanding its federal guarantee program to include banks' mandatory convertible debt.
The Federal Deposit Insurance Corp on Friday posted its agenda for a board meeting on Feb. 27 during which the regulator will discuss the Temporary Liquidity Guarantee Program (TLGP) and its system for assessing fees on the banks its regulates.
The FDIC established the voluntary guarantee program in October. It provides a government guarantee to certain senior unsecured debt and to banks' transaction deposit accounts.
The program was established to boost confidence in the U.S. banking industry and reduce the risk of bank runs.
An FDIC official told lawmakers recently that banks have been able to improve their access to funding through the program and that as of Jan. 28, outstanding debt covered by the FDIC facility totaled about $221 billion.
(Reporting by Karey Wutkowski; Editing by Bernard Orr) Keywords: BANKS/DEBT (E-mail:karey.wutkowski@thomsonreuters.com +1 202 898 8399) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Federal Deposit Insurance Corp on Friday posted its agenda for a board meeting on Feb. 27 during which the regulator will discuss the Temporary Liquidity Guarantee Program (TLGP) and its system for assessing fees on the banks its regulates.
The FDIC established the voluntary guarantee program in October. It provides a government guarantee to certain senior unsecured debt and to banks' transaction deposit accounts.
The program was established to boost confidence in the U.S. banking industry and reduce the risk of bank runs.
An FDIC official told lawmakers recently that banks have been able to improve their access to funding through the program and that as of Jan. 28, outstanding debt covered by the FDIC facility totaled about $221 billion.
(Reporting by Karey Wutkowski; Editing by Bernard Orr) Keywords: BANKS/DEBT (E-mail:karey.wutkowski@thomsonreuters.com +1 202 898 8399) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.