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Silver Wheaton Corp. Message Board

  • sharpie3444 sharpie3444 Sep 11, 2013 9:22 AM Flag

    $1 Trillion In US Bank Deposits Held Abroad Will No Longer Be Insured

    $1 Trillion In US Bank Deposits Held Abroad Will No Longer Be Insured

    In the aftermath of the Cyprus bail in (and to a lesser extent the Polish pension fund debacle), it is understandable if depositors are a little sensitive about the insurance, and thus confiscability (sic), of their deposits.

    Starting on Tuesday, following a 5-0 vote by the FDIC, depositors in foreign US bank branches will officially no longer have recourse to a $250,000 in deposit insurance. The notional amount of deposits at risk: $1 trillion.

    This is not a new development: the FDIC rule to curb insurance on this category of deposits was proposed earlier this year, and today was the formalization. However, questions do arise: if a major US depository institution does fail domestically, the financial state of their depositors abroad will hardly be the biggest issue

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