The Federal Deposit Insurance Corporation said Thursday that the total cost of failure from Silicon Valley Bank And signature bankAround $15.8 billion went to protecting uninsured depositors. The FDIC stated that banking organizations with total assets greater than $50 billion would pay over 95% of the “special assessment.”

The figure includes giants like JPMorgan Chase & Co JPM And Bank of America Corp B.A.C and regional lenders who have been at the center of the recent banking turmoil, after to a report by the Financial Times.

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However, lenders with total assets less than $5 billion would not be affected by the special review.

“In general, large banks with large amounts of uninsured deposits benefited the most from systemic risk assessment. As proposed, an estimated total of 113 banking organizations would be affected by the special audit,” it said.

Rate: The FDIC said it proposes to collect the special assessment at an annual rate of about 12.5 basis points over eight quarterly assessment periods.

“The proposal applies the special audit to the types of banking organizations that have benefited most from the protection of uninsured depositors, while ensuring fair, transparent and consistent treatment based on the amounts of uninsured deposits,” he said FDIC Chairman Martin J. Grunberg.

The total cost of rescuing SVB and Signature depositors is now $18.5 billion compared to over $20 billion, largely because the FDIC now expects to raise more from the sale of SVB assets than previously expected, according to the Financial Times report.

The FDIC estimated an average 17.5% drop in income for lenders, assuming the impact of the entire amount of the special assessment on capital and income in a single quarter.

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