NEW YORK,(RushPRnews)12/05/08– The Bank of New York Mellon today announced that it will participate in the FDIC’s Temporary Liquidity Guarantee Program, which provides 100 percent insurance coverage for domestic non-interest-bearing transaction accounts — regardless of dollar amount — through December 31, 2009. The FDIC first announced the expanded deposit insurance program in mid-October, and eligible institutions were automatically enrolled during an introductory period through early December.
The company also is participating in another provision of the program that provides for the guarantee of newly issued senior unsecured debt of eligible financial institutions. Funded through insurance premiums on newly issued debt, this debt guarantee program is intended to increase liquidity by assisting eligible institutions to replace existing debt that is scheduled to mature on or before June 30, 2009.
The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, approximately $1.1 trillion in assets under management and services approximately $12 trillion in outstanding debt. Additional information is available at www.bnymellon.com.
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