Savings Association Insurance Fund


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Savings Association Insurance Fund (SAIF)

A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions.

Savings Association Insurance Fund

A pool of money created in 1989 by the FDIC to insure deposits made in savings and loan associations (or thrifts). The SAIF was created to separate thrift insurance money from regular bank insurance money (which came from the Bank Insurance Fund). While this was likely beneficial for a time because of the savings and loan crisis, it created a perverse incentive for banks and thrifts to reclassify themselves as the other (i.e., a bank to a thrift or a thrift to a bank), depending on which fund had lower fees. This led to the passage of the Federal Deposit Insurance Act of 2005, which abolished the Savings Association Insurance Fund and the Bank Insurance Fund and created a single Deposit Insurance Fund.

Savings Association Insurance Fund (SAIF)

The federal fund that insures deposits at savings and loan associations. SAIF was created in 1989 as a successor to the Federal Savings & Loan Insurance Corporation and is administered by the Federal Deposit Insurance Corporation.
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In reporting on the results of the 2003 and 2002 audits, GAO issued unqualified, or "clean," opinions on the three funds administered by the Federal Deposit Insurance Corporation (FDIC)--the Bank Insurance Fund (BIF), the Savings Association Insurance Fund (SAIF), and the FSLIC Resolution Fund (FRF).
Federal Deposit Insurance Corporation: Results of 2003 and 2002 Financial Audits
25 of insurance reserves per $100 of insured deposits for the Bank Insurance Fund (BIF) and Savings Association Insurance Fund (SAIF).
SAIF policy options
House Banking Committee chairman Jim Leach (R-lowa) told members attending the American Institute of CPAs national conference on savings institutions that before the end of the year the House and the Senate would consider legislation to consolidate the Bank Insurance Fund (BIF) with the Savings Association Insurance Fund (SAIF).
Leach says Congress will consider merging BIF and SAIF funds
Any such decision to lower BIF premiums, though, while maintaining the higher premiums required to rebuild the Savings Association Insurance Fund (SAIF), could seriously undermine the competitiveness of thrift institutions.
Statement by Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, September 22, 1994
Insured deposit growth in 2001 and 2002, coupled with the increased costs associated with bank and thrift failures, had a detrimental effect on the FDIC's Bank Insurance Fund (BIF) and Savings Association Insurance Fund (SAIF).
Federal deposit insurance corporation funds
In 1989, legislation to reform the federal deposit insurance system created three funds to be administered by FDIC: the Bank Insurance Fund and the Savings Association Insurance Fund, which protect bank and savings deposits, and the FSLIC Resolution Fund, created to close out the business of the former Federal Savings and Loan Insurance Corporation.
Financial Audit: Federal Deposit Insurance Corporation Funds' 2002 and 2001 Financial Statements
undersecretary of the Treasury for domestic finance, told members of the Senate Banking, Housing and Urban Affairs Committee that the failure of one or two large thrift institutions could exhaust the slender reserves of the Savings Association Insurance Fund (SAIF), leaving it insolvent.
Treasury official recommends ways to resolve SAIF's problems
With some variation in numbers from year to year, roughly 150 members of the Bank Insurance Fund (mostly commercial banks) and 180 members of the Savings Association Insurance Fund (mostly savings and loan associations) were chosen for each survey; they were picked randomly each year from each of seven regions of the country encompassing all fifty states and the District of Columbia and from five size groupings covering all institution sizes (see the appendix for more detail).
Recent trends in retail fees and services of depository institutions
Insured deposit growth in 2000 and 2001, coupled with increased costs associated with bank and thrift failures, had a detrimental effect on the Bank Insurance Fund (BIF) and Savings Association Insurance Fund (SAIF) of the Federal Deposit Insurance Corporation.
Federal Deposit Insurance Corporation funds

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