WASHINGTON The fund insuring Americans' $2.5 trillion incommercial bank deposits is under considerable stress and couldsuffer its third consecutive loss this year, a top regulator saidTuesday.
L. William Seidman, chairman of the Federal Deposit InsuranceCorp., said "it would not be unreasonable" to predict a $2 billionloss, reducing the fund to around $11 billion.
It lost $851 million in 1989 and $4.24 billion in 1988 as bankfailures soared to post-Depression highs.
Those losses reduced insurance backing of the nation's 12,500banks to 70 cents per $100 of deposits, "the lowest point in modernhistory," Seidman said.
With another loss this year, …
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