This page has been archived and commenting is disabled.

FDIC Discloses Deposit Insurance Fund Is Now Negative

Tyler Durden's picture





 

In an unprecedented disclosure, the FDIC has highlighted that it expects the DIF reserve ratio to be negative as of September 30. As there are a whopping 48 hours before that deadline, one can safely assume that the DIF is now well into negative territory: as of today depositors have no insurance courtesy of a banking system that has leeched out all the capital of the Federal Deposit Insurance Corporation. Let's pray there is no run on the bank soon.

Pursuant to these requirements, staff estimates that both the Fund balance and the reserve ratio as of September 30, 2009, will be negative. This reflects, in part, an increase in provisioning for anticipated failures. In contrast, cash and marketable securities available to resolve failed institutions remain positive.

Additionally, the FDIC has now raised its expectation for bank failure costs from $70 billion $100 billion. Feel free to expect this number to continue growing.

Staff has also projected the Fund balance and reserve ratio for each quarter over the next several years using the most recently available information on expected failures and loss rates and statistical analyses of trends in CAMELS downgrades, failure rates and loss rates. Staff projects that, over the period 2009 through 2013, the Fund could incur approximately $100 billion in failure costs. Staff projects that most of these costs will occur in 2009 and 2010. Approximately $25 billion of the $100 billion amount has already been incurred in failure costs so far in 2009. Staff projects that most of these costs will occur in 2009 and 2010.

First Mary Schapiro has failed at her task of "regulating" anything on Wall Street, and now Sheila Bair presides over a newly insolvent institution. Chalk one up to Washington's success at "containing" the crisis. Zero Hedge wishes Ms. Bair all the luck in the world in returning the DIF to its statutory minimum requirement of 1.15% of all insured deposits (a shortfall of a mere hundred billion or so). Maybe she can convert the FDIC to a REIT and have Merrill Lynch do a concurrent IPO and follow-on offering (while Goldman raises it to a Conviction Buy which incorporates the firm's expectations for 10% GDP growth in 2010 coupled with projections for $1,000 per barrel of crude)?

FDIC's full memorandum outlining its failure can be found here.

 

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 09/29/2009 - 10:57 | Link to Comment Assetman
Assetman's picture

Translation:

"We're broke.  But at least we're telling the truth.... today."

Some consolation.

Tue, 09/29/2009 - 11:33 | Link to Comment TumblingDice
TumblingDice's picture

So thats what they were saying. I got all confused with all the negative and positive numbers and basis points.

This is huge. They might have to tap the Treasury line of credit. But wait the whole $500 billion line is not accessible right now because there is less than $300 billion left on the Treasury's credit line until it runs into the current debt ceiling. This will definitely put pressure on the Congress to raise that ceiling sooner rather than later.

Tue, 09/29/2009 - 13:08 | Link to Comment TheGoodDoctor
TheGoodDoctor's picture

I had wondered why only one bank failed this past weekend.

Tue, 09/29/2009 - 14:17 | Link to Comment sondog
sondog's picture

They did loss sharing with the acquiring bank for essentially all the assets. That's how they defer payment until later. But the cost will likely be close to 50% (892 million I think, on 2 billion).

Tue, 09/29/2009 - 15:15 | Link to Comment Anonymous
Tue, 09/29/2009 - 17:07 | Link to Comment glenlloyd
glenlloyd's picture

Ditto on that, one failure was far too meager to be reasonable. I've had an inkling for some time that they were stalling on taking down some institutions because they were approaching the bottom-o-the barrel on the DIF.

Tue, 09/29/2009 - 17:08 | Link to Comment glenlloyd
glenlloyd's picture

double post

Tue, 09/29/2009 - 15:11 | Link to Comment Chuck
Chuck's picture

Anyone remember TD's post a few months ago (http://www.zerohedge.com/article/how-world-almost-came-end-2pm-september-18):

On Thursday (Sept 18 [2008]), at 11am the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two. The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.

So the question remains, if the FDIC is now [visibly] insolvent, how long before this draw-down occurs again? Tomorrow? Tonight? It it happening right now?

Tue, 09/29/2009 - 15:19 | Link to Comment Gilgamesh
Gilgamesh's picture

Not anytime soon.  Everyone assumes that the FDIC has the full faith and credit of the US behind it, like they assume Fannie and Freddie do now.  Government will never let voters lose their life savings because a bank failed anymore.  FNM and FRE have the implicit guarantee; FDIC has that in spades.

Tue, 09/29/2009 - 16:06 | Link to Comment Chuck
Chuck's picture

True. Our population is so severely under-educated when it comes to the financial systems that they'll blindly accept anything MSM says is happening or not happening. I guess my question is: Is there a chance that a run on the banks could happen in the next few days over this or am I just misinterpreting the severity of the situation?

Tue, 09/29/2009 - 16:13 | Link to Comment Anonymous
Tue, 09/29/2009 - 16:25 | Link to Comment TumblingDice
TumblingDice's picture

An actual run on deposits by J6P is less likely than an electronic bank run on themselves (which is a pretty amusing concept). It can happen however, if there begins to be serious talk about the solvency of the US government.

For all intents and purposes I consider the government insolvent already, and destined for some form of default, but the public hasn't caught on yet. A heated deliberation over the debt ceiling, which will have to be raised in order to just cover the interest and maturing treasuries; or any public negotiation over Treasury purchases that will have to take place after QE is done might just make people think that the government backing FDIC is not as sound as they thought.

But then again, the banks might be holding "too much capital" as per Dick Bove, so none of this should be a problem.

Tue, 09/29/2009 - 16:59 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:01 | Link to Comment Anonymous
Tue, 09/29/2009 - 15:33 | Link to Comment Joe Sixpack
Joe Sixpack's picture

Most households don't have a printing press (inkjet printers don't really do the job).

 

Then again, inkjet printers can print IOUs or checks, backed by the full faith and credit of "<insert your name here>".

Tue, 09/29/2009 - 11:06 | Link to Comment Mos
Mos's picture

"The money's not here..."

http://www.youtube.com/watch?v=_Er69b4HMl8&feature=related

 

If people only knew their hard earned savings are gone forever in all the foreclosed homes and the half finished condo skyrises.

Tue, 09/29/2009 - 11:23 | Link to Comment TwoJacks
TwoJacks's picture

"Your money's in the Kennedy house"

Tue, 09/29/2009 - 11:08 | Link to Comment Cursive
Cursive's picture

How is the "fund balance" negative but, "[i]n contrast, cash and marketable securites available to resolve failed institutions remain positive"?  This really is how 4th graders think, write and speak.

Tue, 09/29/2009 - 13:00 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:11 | Link to Comment Anonymous
Tue, 09/29/2009 - 12:43 | Link to Comment myny
myny's picture

made my day...

Tue, 09/29/2009 - 11:11 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:59 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Which begs the question, what happens when the $50 Billion + they plan on collecting runs out in 6 months? Do they then collect for years 2013 - 2016?

How do I say this? When news like this no longer shocks me, we are way over the abyss and too numb to notice.

Tue, 09/29/2009 - 12:29 | Link to Comment Anonymous
Tue, 09/29/2009 - 12:37 | Link to Comment Anonymous
Tue, 09/29/2009 - 14:19 | Link to Comment sondog
sondog's picture

This comment's over.

Thought I'd something more to say.

Tue, 09/29/2009 - 15:15 | Link to Comment Medic
Medic's picture

Then I'll see you on the dark side of the moon..... 

Tue, 09/29/2009 - 15:22 | Link to Comment Anonymous
Tue, 09/29/2009 - 12:45 | Link to Comment SWRichmond
SWRichmond's picture

They do seem to be kicking these cans a shorter and shorter distance each time, don't they?

Tue, 09/29/2009 - 16:29 | Link to Comment TumblingDice
TumblingDice's picture

Cans are so 1980's. But you can break your foot kicking a boulder.

Tue, 09/29/2009 - 14:26 | Link to Comment economessed
economessed's picture

This is why the phrase "In God We Trust" appears on each note, because there is nobody left to trust who works in the Federal Government.  We're broke, the party is over.

Tue, 09/29/2009 - 11:11 | Link to Comment pigpen
pigpen's picture

Sheila and Mary, the world would be a better place if honesty, trust and respect were accepted as foundational constructs of any endeavor, be it love, business or life.

Cheers,

Pigpen

Tue, 09/29/2009 - 14:49 | Link to Comment Anonymous
Tue, 09/29/2009 - 15:24 | Link to Comment Anonymous
Wed, 09/30/2009 - 18:18 | Link to Comment Anonymous
Tue, 09/29/2009 - 15:08 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:15 | Link to Comment perpetual-runner-up
perpetual-runner-up's picture

Good thing they have back all that Citi and GE paper...

Tue, 09/29/2009 - 11:19 | Link to Comment Anonymous
Tue, 09/29/2009 - 12:03 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Trust me, no one's starting a revolution until the fall TV season is over. But then baseball season begins and the kids get out of school.........

Maybe sometime around 12-21-12?

Tue, 09/29/2009 - 12:45 | Link to Comment jerv
jerv's picture

I'm coming over for deerhunting in November, so I suggest you all stay calm until then.

But I can't help thinking... If you pussies had as much guts as the cheese eating surrender monkeys, DC would be filled with heaps of burning tractor tires a long time ago.

Tue, 09/29/2009 - 12:51 | Link to Comment Anonymous
Tue, 09/29/2009 - 14:12 | Link to Comment Cow
Tue, 09/29/2009 - 11:19 | Link to Comment matthylland
matthylland's picture

A few of the bank conference calls I listened to a while back talked about the increase expenses from the FDIC (snv comes to mind...maybe stsa also, but not sure on that). Now they are going to be forced to pay 3 years of deposit insurance at once?
What will that do to these bank earnings this coming quarter?

Tue, 09/29/2009 - 11:25 | Link to Comment Anonymous
Tue, 09/29/2009 - 12:04 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

God forbid the FDIC upset bank stock prices based upon inflated and unrealistic earnings projections?

Are you out of your mind?

Tue, 09/29/2009 - 12:10 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:19 | Link to Comment tradertim
tradertim's picture

"The Federal Deposit Insurance Corp. made the projections as its board voted to propose requiring banks to prepay an estimated $45 billion in regular insurance premiums for 2010-2012. The proposal could take effect after a 30-day public comment period."

problem solved. woohooo!!!

of course, expect banking fees to rise dramatically and credit card interest rates to rise to 40% to cover it. that 45 billion will get past on to the consumer one way or the other.

Tue, 09/29/2009 - 11:20 | Link to Comment KidDynamite
KidDynamite's picture

"Staff’s current projection of $100 billion in failure costs from 2009 through 2013 is higher than staff’s projection in May of $70 billion over the same period. Projected failures have increased due to further deterioration in the condition of insured institutions, as reflected in the increasing number of problem institutions. Asset quality problems among insured institutions are not expected to abate in the near-term."

 

Didn't the FDIC get the memo?  green shoots! the recession is over! everything is better!

 

In fact, the FDIC seems to be just about the only ones telling the truth - of course, you have to actually read the paper to get the truth, which 99% of America won't do.  The TRUTH is that the loss estimates have risen almost 50% since May - while the talking heads are out during the same period proclaiming how everything is better.

Tue, 09/29/2009 - 11:36 | Link to Comment Green Sharts
Green Sharts's picture

And Chris Whalen projects failure costs of $300-$400 billion versus the $100 billion the FDIC is projecting.

3 years of fees paid in advance by banks is only estimated to be $45 billion.

In October '08, the FDIC was given 5 years to get its reserves back to the minimum of 1.15%.  In February '09 that was increased to 7 years and in May it was increased to 8 years.  But the FDIC's projections of failure costs are up 43% since May and probably still far too low.  So there is no realistic timetable for the FDIC to bring its reserves back to the statutory minimum.

Since the FDIC expects the biggest costs in 2009 and 2010 it figures to blow through the prepaid bank fees for 2010 to 2012 before the end of 2010.  Presumably the only place to go then will be Treasury.  If the FDIC plans to stick to its history of being fully funded by member banks, the banks would ultimately have to pay back all that Treasury borrowing, plus enough to build the FDIC reserves back to 1.15% of insured deposits.  How much would that cripple bank earnings and for how many years?

Tue, 09/29/2009 - 11:48 | Link to Comment Anonymous
Wed, 09/30/2009 - 18:12 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:23 | Link to Comment Anonymous
Tue, 09/29/2009 - 12:37 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:26 | Link to Comment Anonymous
Tue, 09/29/2009 - 14:45 | Link to Comment Anonymous
Tue, 09/29/2009 - 19:26 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:27 | Link to Comment koaj
koaj's picture

hooray for black swans

Tue, 09/29/2009 - 11:27 | Link to Comment Anonymous
Tue, 09/29/2009 - 13:59 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:27 | Link to Comment Anonymous
Tue, 09/29/2009 - 12:48 | Link to Comment Takingbets
Takingbets's picture

If you would just take the time to create an account instead of bitching about your comments being reviewed it would solve your problem!

Tue, 09/29/2009 - 13:25 | Link to Comment Anonymous
Tue, 09/29/2009 - 13:46 | Link to Comment waterdog
waterdog's picture

and you will not have to sign in or do any math to be an idiot.

Tue, 09/29/2009 - 11:30 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:30 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:30 | Link to Comment etrader
etrader's picture

IS the game plan, to force people to move into the "to big to fail" banks as they know the Government will not let them go under? It kills off those pesky regional banks, that take "useful" deposits away from were its needed in the eyes of the "privileged" banks.....

Tue, 09/29/2009 - 11:30 | Link to Comment Divided States ...
Divided States of America's picture

FDIC to go public in a share offering maybe?

Tue, 09/29/2009 - 11:31 | Link to Comment bugs_
bugs_'s picture

Lets hope the Treasury doesn't get the idea of allowing

us to pre-pay the next three years of taxes!

Tue, 09/29/2009 - 12:12 | Link to Comment Anonymous
Tue, 09/29/2009 - 14:20 | Link to Comment Cow
Cow's picture

I wish Milton were still alive to save us.

I hope you are not insinuating that Freidman would suggest raiding 401ks, etc.

Tue, 09/29/2009 - 14:42 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:38 | Link to Comment …unexpectedly…
…unexpectedly…'s picture

Although it may feel like it, this is not the first time someone other than the taxpayer is funding a bailout.  The US Government is finally practicing disintermediation.

Tue, 09/29/2009 - 11:51 | Link to Comment TumblingDice
TumblingDice's picture

True, but only for appearances sake. The taxpayer is always ultimately responsible since any fallout from this private bailout is going to fall on our shoulders.

Tue, 09/29/2009 - 22:15 | Link to Comment Boop
Boop's picture

Those of us employed enough to pay taxes, of course.  So if you have a job, you will have to pay! (a hahahahahaha)...

Tue, 09/29/2009 - 11:41 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:42 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:43 | Link to Comment Anonymous
Tue, 09/29/2009 - 12:18 | Link to Comment Anonymous
Tue, 09/29/2009 - 11:44 | Link to Comment monmick
monmick's picture

As long as there are no other bank failures, everything will be fine...

Tue, 09/29/2009 - 11:49 | Link to Comment Whizbang
Whizbang's picture

As long as there are no other bank failures, everything will be fine...

Tee Hee how adorable

Tue, 09/29/2009 - 14:23 | Link to Comment Cow
Cow's picture

Good.  I hate bank failures.  Let's all be winners, shall we?  A trophy for every boy and girl.

I just want everyone to get along.

Tue, 09/29/2009 - 11:56 | Link to Comment deadhead
deadhead's picture

President Obama:

Please get rid of Mary Schapiro....now.

Thanks much!

Tue, 09/29/2009 - 12:20 | Link to Comment Anonymous
Tue, 09/29/2009 - 13:19 | Link to Comment deadhead
deadhead's picture

Rahm:

Great to hear from you!

Glad to hear that you and daboyz got everything worked out with those pesky russians. Please let us know when the big day is.

Tue, 09/29/2009 - 13:27 | Link to Comment Anonymous
Tue, 09/29/2009 - 14:23 | Link to Comment monmick
monmick's picture

There hasn't been this much phoquing in the White House since the Clinton years...

Tue, 09/29/2009 - 18:48 | Link to Comment Hephasteus
Hephasteus's picture

Come by our neck of the woods. We love fucking.

http://www.youtube.com/watch?v=2slbO63Qa6g

Wed, 09/30/2009 - 03:04 | Link to Comment Miles Kendig
Miles Kendig's picture

Fuck you, you fucking fucked up motherfucker!  Go the fuck on fucking half wit and fucking hurry your fucked ass up and fucking move your fucking dead ass back the fuck from wherever the fuck it fucking came the fuck from.  Fucking fuck, Rahm you fuck. At least DH fucking knows who & what the fuck he is you sorry fucking assed motherfucking fuck.

Tue, 09/29/2009 - 11:57 | Link to Comment Anonymous
Tue, 09/29/2009 - 12:06 | Link to Comment Anonymous
Tue, 09/29/2009 - 14:53 | Link to Comment Anonymous
Wed, 09/30/2009 - 00:24 | Link to Comment Anonymous
Tue, 09/29/2009 - 12:06 | Link to Comment NumisEX
NumisEX's picture

"You can't handle the truth..."

http://www.youtube.com/watch?v=5j2F4VcBmeo

Tue, 09/29/2009 - 12:07 | Link to Comment lsbumblebee
lsbumblebee's picture

"A gold-coin standard provides the people with direct control over the government's use and abuse of the public purse...When governments or banks issue money or other promises to pay in a manner that raises doubts as to their value as compared with gold, those people entertaining such doubts will demand gold in lieu of...paper money, or bank deposits...The gold-coin standard thus places in the hands of every individual who uses money some power to express his approval or disapproval of the government's management of the people's monetary and fiscal affairs."

-Walter E. Spahr, Monetary Notes (December 1, 1947)

cited in A History of Money and Banking in the United States (pgs.383-384) by Murray N. Rothbard

Tue, 09/29/2009 - 12:20 | Link to Comment D.O.D.
D.O.D.'s picture

"Don't worry, go back to being a slave, Everything is ok...you are wasting valuable shopping time, everything is O....K....."

"When you die you will wish you would have worked more..."

http://www.youtube.com/watch?v=qAQrsA3m8Bg

Tue, 09/29/2009 - 12:43 | Link to Comment Anonymous
Tue, 09/29/2009 - 12:46 | Link to Comment Anonymous
Tue, 09/29/2009 - 12:49 | Link to Comment Pizza Delivery Man
Pizza Delivery Man's picture

Victory for the bulls

Tue, 09/29/2009 - 12:49 | Link to Comment Coming Down in ...
Coming Down in Powdery Sparks's picture

There's always money in the banana stand

Tue, 09/29/2009 - 12:53 | Link to Comment Tomified
Tomified's picture

Mauldin said in "The Hole in the FDIC" that they still haven't paid back the $15 billion they borrowed during the savings and loan crisis.

 

http://www.investorsinsight.com/blogs/thoughts_from_the_frontline/archiv...

Tue, 09/29/2009 - 12:59 | Link to Comment NHL
NHL's picture

Yet this market is trying to come back. I guess JPM employees can get a little overtime while everyone is standing in the unemployment line.

Tue, 09/29/2009 - 13:18 | Link to Comment Anonymous
Tue, 09/29/2009 - 13:20 | Link to Comment Anonymous
Tue, 09/29/2009 - 14:09 | Link to Comment Anonymous
Tue, 09/29/2009 - 14:10 | Link to Comment CD
CD's picture

Bit of lighhearted levity:

 

Man sues BofA for "1,784 billion, trillion dollars"

 

http://news.yahoo.com/s/nm/20090925/od_nm/us_chiscolm

Which gives me an idea (likely inane) -- how much does it cost to file a lawsuit, no matter how outlandish? What if scores (millions) of disgruntled account holders at TBTF banks were to follow suit? Would this accomplish anything other than flooding court system with meaningless paper, e.g. would this force the banks to spend money on these? If so, would that achieve any result beyond the need for further subsidy from the taxpayers?

Tue, 09/29/2009 - 14:51 | Link to Comment Anonymous
Wed, 09/30/2009 - 02:26 | Link to Comment Anonymous
Tue, 09/29/2009 - 15:36 | Link to Comment Anonymous
Tue, 09/29/2009 - 16:19 | Link to Comment perpetual-runner-up
perpetual-runner-up's picture

That is what is pissing people off...No one can rationally answer the question of "why?"

 

As in:

 

"Why do I still owe my bank the $10k in credit card debt when I have given the banks ostensibly $100k of my money?"....to make it worse, "why are they jacking my rate to 30% when I just gave them a $100k advance on my taxes and I pay on time"

 

 

Tue, 09/29/2009 - 15:39 | Link to Comment Joe Sixpack
Joe Sixpack's picture

Shouting over at the Bureau of Engraving, "1000 fpm, can't we regear the presses to run 2000 fpm? What is this? Get Barney Frank on the phone, we also need to start making bills about half their current length, and change $100 bills to $500 bills..."

Wed, 09/30/2009 - 11:09 | Link to Comment Cow
Cow's picture

-

Tue, 09/29/2009 - 17:17 | Link to Comment glenlloyd
glenlloyd's picture

Unclosed yet insolvent institutions are like the shadow inventory in the housing sector. We're just not going to deal with it right now...

So when the three years up-front fees run out what then? They'll probably go back for another three years of fees....stunning, absolutely stunning.

Tue, 09/29/2009 - 20:16 | Link to Comment Anonymous
Tue, 09/29/2009 - 20:55 | Link to Comment Anonymous
Wed, 09/30/2009 - 04:06 | Link to Comment Anonymous
Wed, 09/30/2009 - 14:47 | Link to Comment Anonymous
Wed, 09/30/2009 - 19:32 | Link to Comment Anonymous
Wed, 09/30/2009 - 19:33 | Link to Comment Anonymous
Wed, 09/30/2009 - 19:35 | Link to Comment Anonymous
Thu, 10/01/2009 - 18:12 | Link to Comment Anonymous
Fri, 10/02/2009 - 10:26 | Link to Comment Anonymous
Sun, 10/18/2009 - 00:17 | Link to Comment Anonymous
Thu, 02/24/2011 - 00:48 | Link to Comment shawnlee
shawnlee's picture

Actually Geithner went to Dartmouth undergrad and a masters from John Hopkins.

Summers went to Harvard. Bernanke went to Harvard. Rubin went to Harvard. Bush went to Harvard.

Harvard is overrated.

silver watches|70-433|E20-001|links of london charm

Tue, 07/12/2011 - 01:29 | Link to Comment newdeals2
newdeals2's picture

LEAST THE HONEST PEOPLE, who obtained there gold by honest means will at least hopefully ,make a bob or two,untill the government confinscates.that as well so they can help there poor mates out.it might not be true but just a thought. a+ exam questions \ ase exam questions \ ccda exam questions \ ccent exam questions \ ccia exam questions \ ccie exam questions \ ccip exam questions \ ccna exam questions \ ccna security exam questions \ ccna voice exam questions \ ccna wireless exam questions \ ccnp exam questions

Tue, 08/16/2011 - 00:44 | Link to Comment newdeals2
newdeals2's picture

Staff has also projected the Fund balance and reserve ratio for each quarter over the next several years using the most recently available information on expected failures and loss rates and statistical analyses of trends in CAMELS downgrades, failure rates and loss rates. Staff projects that, over the period 2009 through 2013, the Fund could incur approximately $100 billion in failure costs. Staff projects that most of these costs Pass4sure 642-971 | Pass4sure 310-200 | Pass4sure 642-533 | Pass4sure 642-611 | Pass4sure 642-691 | Pass4sure HP0-D08 | Pass4sure 000-118 | 642-457 | Pass4sure 650-568 | Pass4sure 642-731 |

Do NOT follow this link or you will be banned from the site!