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An initiative set up by the federal deposit insurance corporation (FDIC) to save failing banks and thrifts that had to pay out more in interest to depositors than their gains from long-term investments. When restrictive deposit rate structures were removed, it meant that banks had to compete for deposit funds, which caused an unprecedented increase in interest rate in order to meet their liquidity need. The initiative allowed banks and thrifts who were failing in the new competitive and deregulated system to apply for financial assistance to settle the problems.
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