(a) Authority.
Upon receipt of a written request from the FDIC, a Bank may make advances to the FDIC for the use of the Savings Association Insurance Fund. The Bank shall provide a copy of such request to the Finance Board.
(b) Requirements.
Advances to the FDIC for the use of the Savings Association Insurance Fund shall:
(1)
Bear a rate of interest not less than the Bank's marginal cost of funds, taking into account the maturities involved and reasonable administrative costs;
(2)
Have a maturity acceptable to the Bank;
(3)
Be subject to any prepayment, commitment, or other appropriate fees of the Bank; and
(4)
Be adequately secured by collateral acceptable to the Bank.
Code of Federal Regulations
[58 FR 29469, May 20, 1993, as amended at 65 FR 8262, Feb. 18, 2000. Redesignated at 65 FR 44430, July 18, 2000]