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Business Briefing / Financial Crisis

Cost estimate for bank failures rises

February 04, 2009|Times Wire Reports

Federal regulators now believe that U.S. bank failures will cost the deposit insurance fund more than $40 billion over the next four years as the economy weakens, a government official said.

John Bovenzi, Federal Deposit Insurance Corp. chief operating officer, said the agency's estimate last fall of $40 billion in losses through 2013 probably would be surpassed.

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