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FDIC ANNOUNCES JANUARY 1998
SYMPOSIUM ON DEPOSIT INSURANCE
FOR IMMEDIATE RELEASE
PR-74-97 (10-5-97)
Media Contact:
Phil Battey (202) 898-6993

FDIC Chairman Andrew C. Hove, Jr., today announced that the agency will sponsor a symposium in January 1998 on deposit insurance. The symposium will focus discussion on the role of deposit insurance in an evolving financial world and will explore refinements to the current system.

In making the announcement in a speech at an industry conference in Boston, Mr. Hove pointed out the need for a symposium in light of the current and pending modernization and globalization of the U.S. banking industry. He said, "Clearly banking is headed toward a new world, though the exact route it will take to get there is a bit uncertain."

Participants - to include bankers, consumer and public interest groups, scholars and other regulators - will be asked their views on maintaining a balance between such factors as providing stability in the banking system and allowing banks to compete and evolve.

Mr. Hove also stressed the continued importance of deposit insurance by saying, "Deposit insurance is a critical thread in the safety net that prevents our financial system and our economy from hitting bottom when under stress. Large banks benefit from that safety net along with small banks - money center banks along with community banks - in fact, everyone in the economy."

In the past several years, the FDIC has held symposiums on other topics, including derivatives and lessons learned from the financial crisis in the '80s and '90s.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 11,191 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.

FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov/news and may also be obtained through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).

Last Updated 07/14/1999 communications@fdic.gov