Global Banking Directory 2.0
Press Release Distribution Service
Add Bank | Banking Forum Online
BankDEP Crypto Bank
BanksDaily on Twitter BanksDaily on LinkedIn BanksDaily on Instagram

Financial and Banking News

FDIC estimates losses at $24.18 billion for 2010 failures

Financial newsU.S. bank failures in 2010 cost the Federal Deposit Insurance Corp (FDIC) $2 billion, or 9 percent, more than initially forecast, according to a new analysis by SNL Financial.

The rise exceeds in the increase seen in 2009, and highlights the higher-than-expected costs related to the failure of three Puerto Rico-based banks.

The FDIC's 2010 loss estimate for bank failures rose to $24.18 billion at year's end, up from initial estimates of $22.17 billion. The bank regulator increased the loss estimate for 102 out of 157 banks that failed in 2010, according to SNL Financial.

In contrast, the FDIC's estimate for fund losses in 2009 increased by $600 million by year's end. The largest increase in FDIC's 2010 loss estimates was for Mayaguez, Puerto Rico-based Westernbank Puerto Rico.

The lender was shuttered on Aug. 31, 2010. At the time, the FDIC estimated the closure would create a loss of $3.31 billion for the regulator's deposit insurance fund. That estimate was raised at year-end by nearly a billion dollars to $4.25 billion, SNL's research showed.

Source: Reuters
Date: 14.05.2011 [289]
Get your content published on in just a few clicks.

Financial and Banking News
 Post-Pandemic Economic Recovery: Key Factors Driving Growth and Stability

The COVID-19 pandemic caused a global economic halt, resulting in disruption, job losses, and uncertainty. However, as vaccination efforts progress and countries adjust to the new normal, there is hope for an economic recovery.

 Wiki Finance Expo Sydney 2023 Is Coming Soon!

Regulation, Forex, Crypto, Web 3.0, Metaverse, AI, ESG Will Be in Focus. Taking place on November 16th, Wiki Finance Expo, Sydney 2023 is Aussie largest and most anticipated fintech event of the year. 30.10.2023 | Source: WikiExpo

 Blockchain Economy Dubai Summit 2023: Just Two Weeks Away and Buzzing with Anticipation

Dubai, UAE - The Blockchain Economy Dubai Summit is generating palpable excitement within the blockchain and crypto communities, with only two weeks remaining until the event. Scheduled for October 4-5, 2023, at the Le Meridien Dubai Hotel & Conference Center, this prestigious event gathers over 3,000 blockchain entrepreneurs, crypto enthusiasts, and industry leaders from 85 countries. 20.09.2023 | Source: Teklip

 📰 News Archive

2007-2024 © | All Banks in One Place | Privacy Policy