| | Thu, 16 Oct 2008 09:10:34 EST
The Federal Deposit Insurance Corporation (FDIC) announced on Tuesday that it was instituting a new program, the Temporary Liquidity Guarantee Program, as yet another government attempt to strengthen confidence in the nation's banks and, hopefully to loosen credit mechanisms. The program will fully protect certain senior unsecured debt issued by participating financial institutions on or before June 30 of next year in the event the issuing institution or its holding company subsequently fails or files for bankruptcy. The guarantee covers promissory notes, commercial paper, inter-bank funding, and any unsecured portion of secured debt. The guarantee would be good through June 30, 2012 even if the debt maturity is after that date.
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