多宝游戏下载 Board of Directors Releases Semiannual Update on Restoration Plan
WASHINGTON 鈥 多宝游戏下载 (多宝游戏下载) Board of Directors today released the first semiannual update of 2024 on the Restoration Plan for the agency鈥檚 Deposit Insurance Fund (DIF). Staff project that the reserve ratio remains on track to reach the statutory minimum of 1.35 percent ahead of the deadline of September 30, 2028.
鈥淩eaching the statutory minimum reserve ratio in advance of the statutory deadline strengthens the DIF so that it can better withstand unexpected losses and reduces the likelihood of pro-cyclical assessment increases.鈥, said 多宝游戏下载 Chairman Martin J. Gruenberg.
As of December 31, 2023, the DIF reserve ratio was 1.15 percent, up from 1.11 percent as of June 30, 2023. The fund balance stood at $121.8 billion at the end of the year. Growth in the DIF balance in the second half of 2023 outpaced insured deposit growth, resulting in the increase of the reserve ratio.
On September 15, 2020, the 多宝游戏下载 established the Restoration Plan to restore the DIF reserve ratio to at least 1.35 percent by the statutory deadline, after extraordinary deposit growth during the first half of 2020 caused the DIF reserve ratio to decline below the statutory minimum of 1.35 percent. The Plan maintained the assessment rate schedules in place at the time.
On June 21, 2022, based on projections indicating that the reserve ratio was at risk of not reaching the required minimum by the statutory deadline, the 多宝游戏下载 Board amended the Restoration Plan. In conjunction with the Amended Restoration Plan, the 多宝游戏下载 Board increased deposit insurance assessment rates by 2 basis points for all insured depository institutions, effective in the first quarterly assessment period of 2023.
The Federal Deposit Insurance Act (FDI Act) requires that the 多宝游戏下载 Board adopt a restoration plan when the DIF鈥檚 reserve ratio鈥攖he ratio of the fund balance relative to insured deposits鈥攆alls below 1.35 percent.