Temporary Liquidity Guarantee Program

The Temporary Liquidity Guarantee Program (TLGP) was a program administered by the Federal Deposit Insurance Corporation (FDIC) from 2008 to 2012 in the aftermath of the 2007–2008 financial crisis. The program sought to promote confidence in the US banking system by guaranteeing interbank loans and no-interest transaction accounts, such as checking accounts.^[1] It was announced through an Interim Rule on October 14, 2008.

Components

The Temporary Liquidity Guarantee Program had two primary components: the Debt Guarantee Program, by which the FDIC guaranteed the payment of certain newly issued senior unsecured debt, and the Transaction Account Guarantee Program, by which the FDIC guaranteed certain noninterest-bearing transaction accounts. FDIC insured entities could opt out of either program. [1]

Debt Guarantee Program

The Debt Guarantee Program guaranteed all newly issued senior unsecured debt up to prescribed limits issued by participating entities. As a result of this guarantee, the unpaid principal and contract interest of an entity’s newly issued senior unsecured debt were to be paid by the FDIC if the issuing insured depository institution failed or if a bankruptcy petition were filed by the respective issuing holding company. More than 6000 banks opted out of the program.DGP Opt-out list (.xls)

The Debt Guarantee Program passed out debt guarantees in excess of $600 billion. Yet, unlike the other major agencies bailing out the financial sector during the 2007–2008 financial crisis—the Federal Reserve and the U.S. Treasury—the FDIC has never disclosed the identity of all the banks taking advantage of the bailout guarantees. Wilson and Wu (2011) find that the recipients of the FDIC debt guarantees paid their CEOs significantly more than their peers. Thus, bailed out CEOs made significantly more than bank CEOs not accepting the FDIC's bailout loan guarantees.^[2]

The Debt Guarantee Program stopped guaranteeing outstanding loans at the end of 2012.

Transaction Account Guarantee Program

The Transaction Account Guarantee Program provided for a temporary full guarantee by the FDIC for funds held at FDIC-insured depository institutions in noninterest-bearing transaction accounts above the existing deposit insurance limit. This would continue through the end of 2010.^[3] Thereafter section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act provided similar transaction account insurance until the end of 2012.^[4]

References

^ "FDIC Press Release". Fdic.gov. Retrieved 2011-12-08.
^ Wilson, Linus and Wu, Yan, Overpaid CEOs Got FDIC Debt Guarantees (December 27, 2011). Available at SSRN: http://ssrn.com/abstract=1977345
^ "FDIC: Temporary Liquidity Guarantee Program Frequently Asked Questions". Fdic.gov. Retrieved 2011-12-08.
^ "Federal Register / Vol. 75, No. 189 / Thursday, September 30, 2010 / Proposed Rules" (PDF). Retrieved 2011-12-08.

Great Recession

By region

Africa
Americas
- United States
- South America
Asia
Europe
- Iceland
Oceania

United States-specific

Banking losses and fraud

Government entities

Government policy and spending responses

Banking and finance
stability and reform

Bank stress tests	EU U.S.

Stimulus and recovery

Government interventions,
rescues, and acquisitions

List of banks acquired or bankrupted during the Great Recession

Non-banking	Chrysler General Motors

Securities involved
and financial markets

Social responses

Tea Party protests (United States; c. 2009)
2009 May Day protests (Europe, Middle East and North Africa, Asia; 2009)
Arab Spring (MENA; 2010–2012)
Occupy movement (worldwide; 2011–2012)
- Occupy Wall Street

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