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ARTICLE · 31 MARCH 2009

Summary Of FDIC’s Temporary Liquidity Guarantee Program Final Rule

Sidley Austin LLP
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On November 21, 2008, the Federal Deposit Insurance Corporation (“FDIC”) issued its final rule (the “Rule”) relating to the Temporary Liquidity Guarantee Program (“TLGP”) that the FDIC announced on October 14, 2008.

United StatesFinance and Banking
Sidley Austin'S Regulatory Practice Group
Sidley Austin'S Regulatory Practice Group

This article was originally published 24 November, 2008

On November 21, 2008, the Federal Deposit Insurance Corporation ("FDIC") issued its final rule (the "Rule") relating to the Temporary Liquidity Guarantee Program ("TLGP") that the FDIC announced on October 14, 2008. The Rule sets forth the final terms of both the Debt Guarantee Program ("DGP"), under which the FDIC guarantees the payments of certain newly-issued senior unsecured debt, and the Transaction Account Guarantee Program ("TAGP"), under which the FDIC guarantees the totality of certain noninterest-bearing transaction accounts. The Rule varies in several respects from the terms of the interim rule (the "Interim Rule") and its amendment that were issued on October 23, 2008 and November 3, 2008, respectively. As further discussed below, a significant change is that, upon a payment default, the FDIC guarantee under the DGP now guarantees timely payment of principal and interest as required under the terms

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