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• W133499893 abstract "too long ago. the reduction of Bank Insurance Fund premiums appeared to be a slam dunk. Recapitatization was nearly complete. and, as FDIC proposed a rate cut banks cheered and moaned Now it appears there will be more slamming and less dunking than bankers initially counted on. That's because several large savings institutions devised a controversial maneuver to escape the disparity between what banks and thrifts pay for deposit insurance. The impact this will have on BIF premiums remains to be seen, though an answer, or at least a hint, will be contained in FDIC's final rule on BIF assessments, which some expect to see early in May. Rise of the nonthrift thrills The thrifts' gambit is simple in principle, complex in execution, and being taken very seriously by ABA. A handful of the savings institutions have applied for regulatory approval for founding commercial bank affiliates. As BIF-insured institutions, these proposed affiliates would enjoy banks' lower premiums. Customers would be encouraged-through pricing and other techniques--to move deposits to the banking affiliate. In this way, they would avoid the deposit-insurance penalties that apply to legitimate thrift-bank conversions. By mid-March, six SAIF-insured thrifts accounting for $80 billion in deposits had already announced intentions to form banking affiliates. FDIC Chairman Ricki Heifer acknowledged in a speech that the savings institutions born-again thrifts, in her words--had managed to change the terms of the debate. Not too long ago, Heifer said, thought we had plenty of time to deal with the SAIF/FICO problem-- months to craft a solution, years until the situation became critical. (See, What's the fuss about FICO?) Instead, the thrifts' proposed conversions carry a double whammy. First, they would shrink the pool of deposits subject to SAIF assessment and available for FICO debt service. Second, they would increase the amount of deposits that BIF has to insure--and thus potentially postpone the reductions in premiums banks now expect. In testimony, ABA has cried foul.: If these S&Ls were simply sold to a bank, the bank would continue to have the responsibility to pay SAIF assessments. Thus, such actions by S&Ls would lead to an incredible anomaly. Banks which acquire S&L deposits would continue to support SAIF, but S&Ls, themselves, will have found a method to avoid supporting SAIF. The association suggested that the thrifts' announcements appeared to be a carefully orchestrated attempt to scare Congress by posing a danger to SAIF and to FICO. have serious doubts that significant amounts of deposits can be transferred from the S&Ls to the new banks in the short run, ABA further testified. Stories of tens of billions of dollars being transferred in a year or so are simply overblown. We suspect the purpose of these orchestrated announcements is primarily political. However, the association has acknowledged that transfers made over a longer period could eventually shrink the SAIF base sufficiently to cause difficulties. And if the S&Ls are serious, ABA asked, Have we so quickly forgotten the huge public cost of the S&L bailout that such a clear evasion of the law is to be tolerated? Comptroller Eugene Ludwig said in a April speech that I want to be clear on this--we have not solicited these applications. And any suggestion that they are 'slam dunks' is simply wrong. Great Western, the first shot The nation's second-largest thrift organization, Great Western Financial Corp., $42 billion in assets, was first to apply for permission to establish bank affiliates with the intention of moving the bulk of its business to those affiliates. Concurrently, Great Western filed to become a bank holding company. According to the application, Great Western would establish bank affiliates in California and Florida, using separate customer facilities, forms, and signage on the existing Great Western premises, for the most part. …" @default.
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• W133499893 date "1995-05-01" @default.
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• W133499893 title "Is It a Bank? Is It a Thrift? It's a Colossal Flanking Maneuver" @default.
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