On Friday, November 21, the Federal Deposit Insurance Corp bowed to the demands of the US banking industry and improved the terms of the guarantee of newly issued senior unsecured bank debt that it first proposed amid the systemic panic of October.
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Sheila Bair hopes banks will draw down heavily on the re-worked temporary liquidity guarantee programme |
“We are confident that the changes our board approved today will create significant investor demand, and dramatically reduce funding costs for eligible banks and bank holding companies,” said FDIC chairman Sheila Bair.
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