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FDIC Revises March 31, 2004, Reserve Ratios for Deposit Insurance Funds
The FDIC today announced revisions to the March 31, 2004, reserve ratios reported on May 27, 2004, for its two deposit insurance funds - the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF). The reserve ratios are calculated by dividing the balance of each deposit insurance fund by the deposits in financial institutions estimated to be insured by each fund. The fund balances previously reported, $34.2 billion for the BIF and $12.4 billion for the SAIF, remain unchanged. The revised March 31 ratio for the BIF is 1.32 percent compared to the previously reported 1.31 percent. The revised ratio for the SAIF is 1.36 percent compared to the previously reported 1.39 percent.
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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 9,116 banks and savings associations and it promoted 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 or through the FDICís Public Information Center (877-275-3342 or (703) 562-2200).
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