The Bank of New York Mellon to Continue Participation in FDIC's Temporary Liquidity Guarantee Program
December 05 2008 - 8:10AM
PR Newswire (US)
NEW YORK, Dec. 5 /PRNewswire-FirstCall/ -- The Bank of New York
Mellon today announced that it will participate in the FDIC's
Temporary Liquidity Guarantee Program, which provides 100 percent
insurance coverage for domestic non-interest-bearing transaction
accounts -- regardless of dollar amount -- through December 31,
2009. The FDIC first announced the expanded deposit insurance
program in mid-October, and eligible institutions were
automatically enrolled during an introductory period through early
December. The company also is participating in another provision of
the program that provides for the guarantee of newly issued senior
unsecured debt of eligible financial institutions. Funded through
insurance premiums on newly issued debt, this debt guarantee
program is intended to increase liquidity by assisting eligible
institutions to replace existing debt that is scheduled to mature
on or before June 30, 2009. The Bank of New York Mellon Corporation
is a global financial services company focused on helping clients
manage and service their financial assets, operating in 34
countries and serving more than 100 markets. The company is a
leading provider of financial services for institutions,
corporations and high-net-worth individuals, providing superior
asset management and wealth management, asset servicing, issuer
services, clearing services and treasury services through a
worldwide client-focused team. It has $22.4 trillion in assets
under custody and administration, approximately $1.1 trillion in
assets under management and services approximately $12 trillion in
outstanding debt. Additional information is available at
http://www.bnymellon.com/. DATASOURCE: The Bank of New York Mellon
Corporation CONTACT: Ron Gruendl of The Bank of New York Mellon
Corporation, +1-412-234-7157, Web Site: http://www.bnymellon.com/
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