BNY Mellon To Opt Out Of FDIC's TAGP
Participation in the current program will continue through December 31, 2009
BNY Mellon has announced that it intends to opt out of the six-month extension of the Transaction Account Guarantee Program (TAGP), which guarantees full insurance coverage from the FDIC on non interest-bearing transactional accounts greater than $250,000.
The participation in the current program will continue through December 31, 2009.
Thomas Gibbons, chief financial officer of BNY Mellon, said: This decision reflects our strong financial position. We have repaid our TARP funding and ended the third quarter of 2009 with capital ratios, including tier 1, tier 1 common and tangible common equity, stronger than the same period a year ago.
The Federal Deposit Insurance Corporation (FDIC) is a US government corporation created by the Glass-Steagall Act of 1933 which provides deposit insurance, guarantees the safety of deposits in member banks.
Latest News
Related News
General Insurance> Commercial lines
Related Dates
2009> November
Related Industries
Financial Services> Insurance> Non-Life Insurance> Commercial Insurance
Related Insight
Suppliers Directory
Life Insurance & Pensions
Intermediaries Brokerage Underwriting London Lloyds
Reinsurance
Technology Technology in Insurance Outsourcing
Regulatory & Risk
Commercial Lines Intelligence
Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125

Comments may be moderated for spam, obscenities or defamation.