The Federal Deposit Insurance Corp. had nearly $40 billion in reserves as of June 30 -- a record $4.5 billion more than required by law, the agency reported Tuesday.

The Bank Insurance Fund had $29.8 billion at midyear, or $1.40 for every $100 in insured deposits, while the Savings Association Insurance Fund had $9.1 billion, or $1.29. Roughly $950 million was stripped from the thrift insurance fund in January to create a secondary cushion. Including those reserves would hike the Savings Association Insurance Fund's ratio to 1.42.

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