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FDIC Board Votes to Maintain Premium Rates for Banks and Thrifts
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today voted to keep the assessment rates charged to insured banks and savings associations unchanged for the second half of 2004.
The FDIC projects that the reserve ratios for both its funds - the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF) - will remain relatively stable over the coming year. These projections are based upon assumptions involving slower insured deposit growth, modestly higher market interest rates, and low provisions for insurance losses through 2004.
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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 9,182 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. The FDIC receives no federal tax dollars - insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov and may also be obtained through the FDIC's Public Information Center (877-275-3342 or (703) 562-2200).
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