BAIR: “The actually our total reserves are about $42 billion.
So, we reserve $32 billion to cover projected losses over the next 12 months. And after that, we have $10.4 billion left. So, it's over $42 billion. The total saved us money. Where they've saved us about $11 billion. Since over the past year. I think what people need to understand is we already have the exposure. We must covered those insured deposits. That's what we're all about. And then we sell off the bank and the bank's assets and whatever franchise value it has to recover some of our costs. And the shortfall is it's a loss that we have to absorb.”
Bair said there are no plans to go to Congress for more money. The FDIC already has a $100 billion credit line already and up to $500 billion with the approval of the Fed and the Treasury. However, “never say never” she said. FDIC has a variety of tools available to them. Bair said, “The board is actively considering our different options now. Again, we have very wide ability to assess the industry. We can actual borrow from the industry, too. We have the authority to do that. So, there are a number of tools we have-- and we'll be-- dealing with that probably towards the end of the month”.