Archive for December 2, 2008
Deadline for Filing Election Forms for the Temporary Liquidity Guarantee Program is this Friday, December 5, 2008
On November 21, 2008, the FDIC issued its final rule (the Final Rule) implementing the Temporary Liquidity Guarantee Program (TLGP). The TLGP, developed to counter the system-wide crisis in the nation’s financial sector, has two components: (1) the Transaction Account Guarantee Program (TAG Program) and (2) the Debt Guarantee Program (DGP). A financial institution may opt out of the TAG Program, the DGP or both programs.
Regardless of whether a financial institution opts out of any component of the TLGP, the FDIC is requiring all financial institutions to file the FDIC Temporary Liquidity Guarantee Program Election Form (Election Form), using FDICconnect, no later than 11:59 p.m., Eastern Standard Time, December 5, 2008. Any financial institution electing to opt out of either component of the TLGP must indicate its election on the Election Form. In addition, any financial institution that does not elect to opt out of the DGP must make certain disclosures, which are described below, on the Election Form. A copy of the Election Form is available here.
