多宝游戏下载 Board of Directors Issues a Final Rule on Special Assessment Pursuant to Systemic Risk Determination
For Release
WASHINGTON 鈥 多宝游戏下载 (多宝游戏下载) Board of Directors today approved a final rule to implement a special assessment to recover the loss to the Deposit Insurance Fund (DIF) associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank .
The Federal Deposit Insurance Act (FDI Act) requires the 多宝游戏下载 to take this action in connection with the systemic risk determination announced on March 12, 2023 . Currently, the 多宝游戏下载 estimates that of the total cost of the failures of Silicon Valley Bank and Signature Bank, approximately $16.3 billion was attributable to the protection of uninsured depositors.
After careful consideration of the comments received on the proposal and analysis of the applicable statutory factors, the 多宝游戏下载 is adopting, as final, the proposed special assessment, with clarifications to promote transparency and a modification to allow for corrective amendments to estimated uninsured deposits associated with the 多宝游戏下载鈥檚 review of an institution鈥檚 reporting methodology.
鈥淭he final rule applies the special assessment to the types of banking organizations that benefitted most from the protection of uninsured depositors, while ensuring equitable, transparent, and consistent treatment based on amounts of uninsured deposits,鈥 said 多宝游戏下载 Chairman Martin J. Gruenberg. 鈥淭he final rule also promotes maintenance of liquidity, which will allow institutions to absorb any potential unexpected setbacks while continuing to meet the credit needs of the U.S. economy.鈥
Under the final rule, the 多宝游戏下载 will collect the special assessment at an annual rate of 13.4 basis points beginning with the first quarterly assessment period of 2024 (i.e., January 1 through March 31, 2024) with an invoice payment date of June 28, 2024, and will continue to collect special assessments for an anticipated total of eight quarterly assessment periods. The base for the special assessment is equal to an insured depository institution鈥檚 (IDI鈥檚) estimated uninsured deposits for the December 31, 2022 reporting period, adjusted to exclude the first $5 billion in estimated uninsured deposits from the IDI, or at the banking organization level for IDIs that are part of a holding company with one or more subsidiary IDIs.
It is estimated that a total of 114 banking organizations will be subject to the special assessment, and no banking organizations with total assets under $5 billion will pay the special assessment, based on data for the December 31, 2022 reporting period.