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ARTICLE · 30 MARCH 2009

Summary Of Temporary Liquidity Guarantee Program Interim Rule

Sidley Austin LLP
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On October 23, 2008, the Federal Deposit Insurance Corporation (“FDIC”) issued an interim 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 October, 2008

On October 23, 2008, the Federal Deposit Insurance Corporation ("FDIC") issued an interim rule (the "Rule") relating to the Temporary Liquidity Guarantee Program ("TLGP") that the FDIC announced on October 14, 2008. The Rule sets forth the terms of both components of the TLGP: 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 following briefly summarizes the terms set forth in the Rule, which in several respects vary from informal positions discussed by FDIC staff in earlier public conference calls on the Rule.

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