FDIC Releases 2008 Data
The FDIC released their Quarterly Banking Profile for Q4 2008 yesterday.
The report has some interesting tidbits about how the banks did. FDIC insured institutions lost $26.2 billion in the 4th quarter – the first quarterly loss since 1990. Two thirds of banks made a profit during that period, large losses at the remaining 33% of banks make the numbers look bad.
Consumers seem confident in the banking system, especially with increased FDIC insurance limits. According to the FDIC:
“Total deposits increased by $307.9 billion (3.5 percent) in the fourth quarter, the largest percentage increase in a quarter in ten years.”
Presumably those flows are a result of moving money from riskier assets into FDIC insured products.
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