March 17, 2009

TLGP's Latest Amendments: Issuance and Guarantee Extensions, Expanded Ability to Issue non-Guaranteed Debt and New Fees

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On March 17, 2009, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved the most recent in a series of interim rules to amend the successful Temporary Liquidity Guarantee Program (TLGP). The amendments are available exclusively to currently participating entities, and include:

*Last date to issue FDIC-guaranteed debt extended from June 30, 2009 to October 31, 2009

*FDIC guarantee expiration date extended from June 30, 2012 to December 31, 2012

*Upon approved application, the ability to issue non guaranteed debt of any maturity

*Starting April 1, 2009, the assessment of additional surcharges for the issuance of debt

We discuss each of these amendments below.

Please see full bulletin for more information.

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.