FDIC Federal Register Citations
[Federal Register: November 21, 2007 (Volume 72, Number 224)]
[Notices]
[Page 65576-65577]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr21no07-57] ======================================================================= FEDERAL DEPOSIT INSURANCE CORPORATION Deposit Insurance Assessments--2008 Designated Reserve Ratio AGENCY: Federal Deposit Insurance Corporation (FDIC). ACTION: Notice. ----------------------------------------------------------------------- At a meeting on November 5, 2007, pursuant to provisions in the
Federal Deposit Insurance Act, the Board of Directors of the FDIC
(Board) set the 2008 designated reserve ratio (DRR) for the Deposit
Insurance Fund (DIF) at 1.25% of estimated insured deposits.\1\ The
2008 DRR of 1.25% is unchanged from the 2007 DRR.\2\ The Board is
publishing this notice as required by section 7(b)(3)(A)(i) of the
Federal Deposit Insurance Act (12 U.S.C. 1817(b)(3)(A)(i)).\3\ --------------------------------------------------------------------------- \1\ Section 7(b)(3)(C) of the FDI Act provides that, in setting
the DRR for any year, the Board must: ``(i) Take into account the
risk of losses to the Deposit Insurance Fund in such year and future
years, including historic experience and potential and estimated
losses from insured depository institutions; (ii) take into account
economic conditions generally affecting insured depository
institutions so as to allow the designated reserve ratio to increase
during more favorable economic conditions and to decrease during
less favorable economic conditions, notwithstanding the increased
risks of loss that may exist during such less favorable conditions,
as determined to be appropriate by the Board of Directors; (iii)
seek to prevent sharp swings in the assessment rates for insured
depository institutions; and (iv) take into account such other
factors as the Board of Directors may determine to be appropriate,
consistent with the requirements of this subparagraph.'' 12 U.S.C.
1817(b)(3)(C). \2\ The DRR is indicated in section 327.4(g) of the FDIC's
regulations. 12 CFR 327.4(g). There is no need to amend this
provision because, as noted, the DRR for 2008 is the same as the
current DRR. \3\ The applicable provision of the FDI Act requires notice-and-
comment rulemaking only when the Board changes the DRR. 12 U.S.C.
1817(b)(3)(A)(ii). --------------------------------------------------------------------------- The following is the link to the staff memorandum on which the
Board acted when setting the DIF 2008 DRR: http://www.fdic.gov/news/board/07memo4nov5.pdf FOR FURTHER INFORMATION CONTACT: Munsell W. St. Clair, Senior Policy
Analyst, Division of Insurance and Research, (202) 898-8967; or Joseph
A. DiNuzzo, Counsel, Legal Division, (202) 898-7349. [[Page 65577]] Dated at Washington, DC, this 5th day of November, 2007. By order of the Board of Directors. Federal Deposit Insurance Corporation. Valerie J. Best,
Assistant Executive Secretary. [FR Doc. E7-22576 Filed 11-20-07; 8:45 am]
BILLING CODE 6714-01-P
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