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Temporary Liquidity Guarantee Program Debt Guarantee Program - Debt Instrument Reporting

Liquidity, Funds Management, and Sensitivity to Risk
December 8, 2008
Summary: On November 21, 2008, the FDIC Board of Directors adopted the final rule implementing the Temporary Liquidity Guarantee Program (TLG Program) (see FIL-132-2008), which was announced on October 14, 2008. The TLG Program includes a guarantee of newly issued senior unsecured debt of banks, thrifts, and certain holding companies (the Debt Guarantee Program). Entities that participate in the Debt Guarantee Program are required to notify the FDIC of any guaranteed debt issuance(s) and to pay the associated assessment premiums.

Highlights:

  • Any participating entity that has issued any FDIC- guaranteed debt during the period from October 14, 2008, through December 5, 2008, which is still outstanding on December 5, 2008, must register that issuance via the FDIC's e-business Web site - FDIC connect - on or before December 19, 2008.
  • Any participating entity that issues any FDIC- guaranteed debt after December 5, 2008, must register that issuance via FDIC connect within five calendar days of the date of issuance.
  • On Wednesday, December 17, 2008, the FDIC will automatically generate the first TLG Program assessment invoices for any registered debt and will make those invoices available weekly to those entities via FDIC connect .
  • The first collection of TLG Program assessments will settle on Friday, December 19, 2008. Therefore, entities must ensure that funds in an amount at least equal to the amount of the assessment are available in the designated deposit account on that date for ACH direct debit by the FDIC (the same account used for collection of the quarterly deposit insurance premiums).
  • Failure to take all necessary action or to provide funding to allow the FDIC to debit assessments shall be deemed to constitute nonpayment of the assessment and such failure will be subject to civil money penalties.
  • Participating entities that have elected to issue long- term nonguaranteed debt must pay the FDIC a nonrefundable fee. That fee will be collected in six equal monthly installments with the first collection on Friday, December 19, 2008. These entities will receive the first TLG Program assessment invoice via FDIC connect on Wednesday, December 17, 2008.

Distribution:
All FDIC-Insured Institutions

Suggested Routing:
Chief Executive Officer
Chief Financial Officer
Compliance Officer

  • Guidance on Debt Instrument Reporting Requirements
  • Guaranteed Debt Reporting Instructions

  • Reporting and invoicing questions: Assessments,
    Division of Finance, at assessments@fdic.gov or (800)
    759-6596
  • FDICconnect technical issues: FDICconnect Helpdesk
    at fdicconnect@fdic.gov or (877) 275-3342 and select
    Option 5 on the Banker's menu

    • Note:
    FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2008/index.html .

    To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html .

    Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877- 275-3342 or 703-562-2200).



    Attachment(s)

    Last Updated: December 8, 2008