The flood of money moving out of U.S. banks when unlimited Federal Deposit Insurance Corp. coverage expired at the start of this year doesn’t seem to have materialized. At the end of 2012, an estimated $1.5 trillion held in non-interest bearing bank accounts lost FDIC coverage when a financial crisis program, the Transaction Account Guarantee program (TAG), expired and FDIC insurance reverted to a maximum of $250,000. Much of the newly uninsured money was expected to shift from banks to other short-term investment products, like money-market funds, but in fact, banks saw more money coming in than going out late last year.
Companies argue that federal and most state exchanges havent followed the rules set out in the statute and regulations and therefore cant levy fines.
Move shows China's confidence in the currency's recent gains, analysts say.
Treasury & Risk is pleased to announce this year's finalists.
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