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Funds News

U.S. FDIC delays pilot sale of toxic bank loans

WASHINGTON, June 3 (Reuters) - The Federal Deposit Insurance Corp said on Wednesday it has postponed its planned June pilot sale of toxic bank loans, but said the overall program will continue.

FDIC Chairman Sheila Bair said banks have been able to raise capital without having to sell their bad assets through the FDIC’s so-called Legacy Loan Program.

“As a consequence, banks and their supervisors will take additional time to assess the magnitude and timing of troubled assets sales as part of our larger efforts to strengthen the banking sector,” Bair said in a statement. (Reporting by Karey Wutkowski and John Poirier; Editing by Andre Grenon)

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