A component of EESA was the temporary raising of the basic limit on federal deposit insurance coverage from $ to $ per depositor. In line with this change, the FDIC also announced the provision of full coverage of noninterest bearing deposit transaction accounts under its temporary Transaction Account Guarantee Program.
In addition, the FDIC began guaranteeing newly issued senior unsecured debt of banks, thrifts, and certain holding companies under the Temporary Liquidity Guarantee Program (TLGP). 9 Since late April, some banks have issued debt outside of the TLGP, albeit with spreads of several percentage points higher than debt issued under the program.