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By AZ Advisory Team, December 15, 2009 11:17 pm

The Federal Deposit Insurance Corp. revealed today a significant increase in budget to deal with banks’ escalating woes which is at its fastest pace since 1992. The FDIC will boost its budget by 56% from $1.3 billion this year to $2.5 billion in 2010. They said thay will aslo increase staff by 1643 to handle bank failures.

“It will ensure that we are prepared to handle an even larger number of bank failures next year, if that becomes necessary, and to provide regulatory oversight for an even larger number of troubled institutions,” FDIC Chairman Sheila Bair said in a statement.

Alex Zylberglait provides commercial real estate investment advisory as well as research, estate planning, asset allocation, valuation, financing, special assets services, transaction advisory and commercial property acquisition and disposition services.